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Energy Focus Inc Announces Appointment of James Tu as Chairman; $1.5 Million Convertible Debt Financing


Tuesday, 18 Dec 2012 09:15am EST 

Energy Focus Inc announced James Tu will serve as the Company's non-executive Chairman of the Board of Directors. Mr. Tu was appointed to fill the open position created by the retirement of Paul von Paumgartten from the Company's Board of Directors. Additionally, the Company has received $1.5 million in convertible debt financing from three current, private investors. The proceeds will be used to finance the Company's operations and fund internal growth. The Company raised $1.5 million in convertible debt from existing investors. The convertible debt matures on December 31, 2015, with a 5% annual interest rate, and is convertible into common stock of the Company at the rate of $0.23 per share. This represents an approximately 14% premium to the average closing price of the Company's common stock for the 10 trading days prior to entrance into the agreement. The convertible debt and all terms associated with it were approved by the Company's Board of Directors. 

Company Quote

0.69
-0.01 -1.43%
12:18pm EDT