UPDATE - RGS Energy raises USD 3.6m net from public offering
Rooftop solar system in Nevada. Author: Pacific Southwest Region. License: Creative Commons, Attribution 2.0 Generic
US rooftop solar installer RGS Energy (NASDAQ:RGSE) said on Tuesday it has completed its previously announced units offering, raising some USD 3.6 million (EUR 3.4m) in net proceeds.
The company issued units consisting of its Class A common stock and Series I common stock warrants, at a price of USD 0.22 apiece. It did not issue any Series J warrants.
CEO Dennis Lacey commented that following this offering the company now expects to report positive shareholders’ equity and working capital at the end of 2016.
“Through the end of September, we did not have access to financial capital to execute our business turnaround strategy. However, we have since received capital from our convertible preferred offering and convertible notes financing to execute our strategy. As such, we have been purchasing equipment and converting our backlog to revenue at a faster pace than in the third quarter,” Lacey said.