They are putting up over 2 Million shares for sale! I wonder what there plans are possible expansion? From there investor area of there website.
Securities Offered
Common Stock Offered by Us
2,500,000 shares.
Overallotment Option
We have granted the underwriters an option to purchase up to 375,000 additional shares of our common stock to cover overallotments, if any, exercisable, in whole or in part, for a period of 30 days from the date of this prospectus.
Description of Warrants
The warrants issued to the underwriters will have a per share exercise price of $ (120% of the public offering price of common stock sold in the offering). The warrants are exercisable immediately and will expire five years from the date of issuance. See “Underwriting.”
Common Stock Outstanding After This Offering
Approximately 10,524,961 shares (approximately 10,899,961 shares if the overallotment option is exercised in full).
Use of Proceeds
We estimate that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by us, will be approximately $11,095,658 based on an assumed public offering price of $4.90 per share (the last reported sale price of the common stock on July 21, 2014) or $12,813,721 if the underwriters exercise the overallotment option in full. We intend to use the proceeds of this offering to finance certain capital expenditures and for working capital and other general corporate purposes, which may include, but are not limited to, the purchase of manufacturing equipment and the purchase and implementation of a new enterprise resource planning system, expansion of our sales office presence, retirement of debt and inventory purchases. See “Use of Proceeds.”
Risk Factors
See “Risk Factors” beginning on page 8 for a discussion of risks you should consider before purchasing shares of our common stock.
Market Symbol and Listing
Our common stock is quoted on the OTCQB under the symbol “EFOI.” Our common stock has been approved for listing on The NASDAQ Capital Market under the same symbol concurrently with the closing of this offering.
The number of shares outstanding after this offering is based on shares outstanding as of July 16, 2014, which reflects a one-for-ten reverse stock split effected July 16, 2014 at 5pm EDT. This number does not include:
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outstanding options to purchase approximately 439,341 shares of our common stock, of which options to purchase approximately 207,629 shares were exercisable as of July 16, 2014,
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outstanding restricted share units for 1,220 shares of our common stock, none of which have vested,
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995,049 shares of our common stock issuable upon the exercise of certain outstanding warrants (other than the warrants issued to the underwriters), of which warrants to purchase 895,049 shares were exercisable as of July 16, 2014,
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100,000 shares of common stock issuable upon exercise of the warrants issued to the underwriters, and
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1,067,285 shares of our common stock issuable pursuant to future awards under our equity incentive and employee stock purchase plans.
Our Board of Directors and our stockholders have approved the Energy Focus, Inc. 2014 Stock Incentive Plan (“2014 Plan”) under which 600,000 shares were authorized and 580,000 shares remain available for equity award grants. No further awards will be made under the prior plans and the unissued remaining shares under such plans are not available for future awards under the 2014 Plan or any other plan.
