Energy Focus (EFOI) Announces 990k Share Offering at $5.05/sh

June 14, 2021 1:15 PM EDT

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Energy Focus, Inc. (NASDAQ: EFOI) announced that it has entered into definitive securities purchase agreements with certain institutional investors for the issuance and sale of 990,100 shares of the Company’s common stock, at a purchase price of $5.05 per share, in a registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market (“Nasdaq”). The closing of the sale of the securities is expected to occur on or about June 16, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company are expected to be approximately $5.0 million, before deducting placement agent fees and other offering expenses. Energy Focus currently intends to use the net proceeds from the offering for general corporate purposes, and may use up to 50% of the net proceeds from the offering to reduce the balance of an outstanding promissory note.

The shares of common stock are being offered pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-228255) (the “Registration Statement”), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 4, 2018. A prospectus supplement to the prospectus contained in the Registration Statement relating to the offering will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, from H.C. Wainwright & Co., LLC, 430 Park Avenue 3rd Floor, New York, New York 10022, or by calling (646) 975-6996 or by emailing placements@hcwco.com or at the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.



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