Replies to post #44 on Nexxus Lighting fka NEXS

[renoldman]

I know about toxic financing.

Have you even used their product?

Reading over the board here makes it seem like the company was very close to kicking the bucket.

[renoldman]

It's been a little while since the news ...

I checked out the filing, the convertible debt is exchangeable at $0.13

"As previously reported, on September 12, 2012, Nexxus Lighting, Inc. (“Nexxus” or the “Company”) entered into an Investment Agreement (the “Investment Agreement”) with RVL 1 LLC (the “Investor”), an affiliate of Aston Capital, LLC. On September 25, 2012, the Company and the Investor closed the transactions contemplated by the Investment Agreement (the “Closing”), and the Company issued to the Investor 600,000 shares of newly-created Series B Convertible Preferred Stock, $.001 par value per share (the “Preferred Stock”) in consideration of a cash payment of $6 million (the “Investment”). The Preferred Stock is convertible into shares of the Company’s common stock, $.001 par value per share (the “Common Stock”) at a conversion price per share equal to $0.13, subject to certain anti-dilution adjustments."

And of course, because of this:

Item 5.01 Change in Control of the Registrant.

At Closing , the Investor acquired 600,000 shares of Preferred Stock in consideration of a cash payment of $6 million, funded from cash on hand at Aston Capital, LLC. As a result of the Investment, the Investor has acquired control of the Company. After giving effect to the conversion of the Preferred Stock and the other transactions contemplated by the Investment Agreement, the Investor would own 46,153,846 shares, or approximately 73% of the Company’s outstanding Common Stock. The Preferred Stock represents approximately 73% of the outstanding voting stock of the Company on an as-converted basis. The Investor is entitled to vote the Preferred Stock on an as-converted basis with the Company’s Common Stock.