Lighting Science Group Privately Places Common Stock at $4.00 per Share
SATELLITE BEACH, Fla., May 17, 2011 /PRNewswire via COMTEX/ -- Lighting Science
Group Corporation (LSCG), a leading American maker of LED lighting, received
gross commitments, before deducting placement agent commissions and certain legal
fees, of $33 million for the private sale of shares of its common stock. The
Company sold all of the shares in the private placement at a purchase price of
$4.00 per share subject to price protection in connection with a qualified public
offering of its securities within the next 12 months.
Geveran Investments, Ltd. committed to purchase 6,250,000 shares and Al Bawardi
Enterprises LLC committed to purchase 387,500 shares of Lighting Science Group
common stock in off-shore offerings pursuant to Regulation S of the Securities
Act of 1933, as amended, for an aggregate gross purchase price of $26.55 million.
In addition, LSGC Holdings II LLC ("Holdings II"), an affiliate of LSGC Holdings
LLC ("Holdings"), Lighting Science Group's largest stockholder, purchased
1,635,800 shares of Lighting Science Group common stock for a purchase price of
$6.54 million. Holdings II funded its purchase by converting the $6.54 million
outstanding balance on the demand note issued to it by Lighting Science Group.
Holdings and Holdings II are each controlled by affiliates of Pegasus Capital
Advisors, L.P. ("Pegasus Capital"). In addition, the Company has extended to
Holdings the right to purchase an additional 3,750,000 shares on the same terms
until June 15, 2011. Subject to the negotiation and execution of definitive
documentation between Holdings and its prospective third party investor, Holdings
has indicated to the Company that it intends to purchase such additional shares.
"We have some of the most advanced and affordable LED lighting products in the
world," said Jim Haworth, Chief Executive Officer of Lighting Science Group. "The
proceeds from these offerings will help us continue our market expansion strategy
and rapid sales growth."
The securities were offered to Holdings and Holdings II pursuant to the exemption
from registration provided by Section 4(2) of the Securities Act of 1933, as
amended, and the safe harbors for sales provided by Regulation D thereunder. The
securities issued to Geveran Investments, Ltd. and Al Bawardi Enterprises LLC
cannot be resold except in compliance with Regulation S or pursuant to another
applicable exemption from registration.
About Lighting Science
Lighting Science Group Corporation (LSCG) designs, develops, manufactures and
markets LED lighting solutions that are environmentally friendlier and more
energy efficient than traditional lighting products. Lighting Science Group
offers retrofit LED lamps in form factors that match the form factor of
traditional lamps or bulbs and LED luminaires for a range of applications
including public and private infrastructure for both indoor and outdoor
applications. Lighting Science Group's Advanced Projects Group business unit
designs, develops and manufactures custom LED lighting solutions for
architectural and artistic projects. Lighting Science Group is headquartered in
Satellite Beach, Florida; the Company's European operations are based in Goes,
The Netherlands; and, the Company has a sales office in Sydney, Australia.
Lighting Science Group employs approximately 600 workers building lighting
products from domestic and imported parts. Lighting Science Group is a Pegasus
Capital portfolio company. More information about Lighting Science Group is
available at lsgc.com. |
