EFOI - Energy Focus slumps after secures $3.5M capital in private placement

Energy Focus (NASDAQ:EFOI) has entered into securities purchase agreements with certain institutional investors to purchase 2.69M shares of its common stock and warrants to purchase equal number of shares, at $1.30/share and warrant in a private placement priced at a premium to the market under Nasdaq rules. Shares down 6.67% after-hours. Net proceeds will be used for general corporate purposes and may use up to 50% of the net proceeds from the offering to reduce the balance of outstanding promissory notes. Expected gross proceeds are ~$3.5M. The five-year warrants is exercisable into one share of common stock at a price per share of $1.30/share. Closing date is June 07, 2022.

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Energy Focus slumps after secures $3.5M capital in private placement