Energy Focus, Inc. Announces $3.5 Million Private Placement Priced At-the-Market under Nasdaq Rules

Jun 04, 2022

Energy Focus, Inc. (“Energy Focus,” “we,” “our,” “us” or the “Company”) (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced that it has entered into definitive securities purchase agreements with certain institutional investors for the issuance and sale of 2,692,310 shares of the Company’s common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,692,310 shares of common stock, in combinations of one share (or one pre-funded warrant) and one warrant for a combined purchase price of $1.30, in a private placement priced at-the-market under the rules of The Nasdaq Stock Market (“Nasdaq”) pursuant to one or more exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Subject to certain ownership limitations, the warrants are exercisable upon issuance. Each warrant is exercisable into one share of common stock at a price per share of $1.30 per share and will expire five years from the initial exercise date. The closing of the private placement is expected to occur on or about June 7, 2022, subject to the satisfaction of customary closing conditions.

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