Akeena Solar Raises $12.6 Million to Meet Growing Demand for Solar Power Systems
Los Gatos, CA, May 31, 2007
Source: Akeena Solar, Inc. press release
http://www.akeena.net/cm/Investor%20Relations/Home.html
Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced it entered into definitive 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 in the offering, 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 exercise price and number of shares issuable upon exercise of the warrants are subject to the anti-dilution provisions of the warrants. The company plans to close on or about June 1, 2007 subject to customary closing conditions.
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