to-the-point RGS raises USD 3.55m net from stock warrant sale
Mar 2, 2015 17:34 CET
March 2 – US rooftop solar systems installer RGS Energy (NASDAQ:RGSE) said on Friday it has raised a total of USD 3.55 million (EUR 3.2m) in net proceeds from its recent public offering of stock and warrants.
The company’s CEO Dennis Lacey said in a statement that this financing enables RGS to work with its vendors and other installation partners to convert its USD-55-million backlog into revenue and cash.
As previously announced, RGS offered units that consist of its Class A common stock and Series A, B, C, D and E common stock warrants. It sold 7 million units at USD 0.50 apiece for total net proceeds of USD 2.75 million. Participants in the offering have also exercised a portion of the Series B warrants, raising an additional USD 800,000 for RGS.
(USD 1.0 = EUR 0.894)
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