Energy Focus (EFOI) Prices 3.44M Share Registered Direct Offering at $0.799/Sh

Energy Focus, Inc. (NASDAQ: EFOI) today announced that it has entered into definitive securities purchase agreements with certain institutional investors for the issuance and sale of 3,441,803 shares of the Company’s common stock, at a purchase price of $0.799 per share, in a registered direct offering priced at-the-market. The Company also agreed to issue to the institutional investors unregistered warrants to purchase up to 3,441,803 shares of common stock, at an exercise price of $0.674 per share in a concurrent private placement.

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

The warrants will be exercisable upon issuance and will expire five years following the date of issuance. The closing of the sale of the securities is expected to occur on or about January 13, 2020, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company are expected to be approximately $2.75 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, including a payment of 10% of the gross proceeds to reduce the balance of an outstanding promissory note in accordance with the terms of such note.

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