SOLON, Ohio, July 2, 2013 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (OTCQB:EFOI) today announced the Company has completed the convertible debt financing it embarked upon March 12, 2013. The financing has been completed at $5.9 million, $1.1 million over an original target of $4.8 million. The financing consists of unsecured, subordinated, convertible promissory notes that mature on December 31, 2016, have a five percent annual interest rate, and are convertible into common stock of the Company at the rate of $0.23 per share. The proceeds will be used to finance the Company's operations and fund growth.
Energy Focus Completes $5.9 Million Convertible Debt Financing
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts