Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, has entered into purchase agreements with investors to raise $12.6 million of gross proceeds in a private investment in public equity (PIPE) offering.
Akeena will issue 4,572,725 shares of common stock and three-year warrants to purchase an aggregate of up to 1,295,995 shares of common stock with an exercise price of $3.95 per share. The company plans to close on or about June 1, 2007. “This financing will be used to fuel our continued growth, particularly as we expand our footprint,” said Barry Cinnamon, CEO. “In addition, these funds will provide us with the working capital needed to commercialize our proprietary solar module technology later this year.”
Following this transaction, Akeena will have approximately 23 million shares of common stock and approximately 1.8 million warrants outstanding.
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