December 3 (Renewables Now) - US-based Real Goods Solar Inc (OTCMKTS:RGSE) on Monday announced the beginning of the subscription period for its up to USD-20-million (EUR 18m) rights issue.
Shareholders in the company, which produces the Powerhouse solar shingle system, have until December 16 to subscribe for ten non-transferable subscription rights for each share they own. Each subscription right entitles the holder to buy one share of Series 1 non-convertible preferred stock in the company at USD 10 apiece, according to the statement. The shares will be listed on the OTCQX marketplace operated by OTC Markets Group.
Real Goods Solar plans to use the proceeds for commercialisation of its solar shingles as well as to strengthen its balance sheet.
RHK Capital is acting as dealer-manager for the offering, Mackenzie Partners is information agent and Continental Stock Transfer & Trust Company is subscription rights agent.
(USD 1.0 = EUR 0.909)