Akeena Solar Inc., a Los Gatos, Calif.-based designer and installer of solar power systems, has entered into securities purchase agreements with accredited institutional investors to raise approximately $26.1 million through the issuance of approximately 3.73 million shares of common stock and warrants to purchase 745,716 shares of common stock.
The warrants are exercisable beginning six months after the closing, feature a term of 60 months and an exercise price of $10.08 per share, and are subject to certain anti-dilution provisions, the company adds.
Akeena Solar intends to use the net proceeds from this financing for general corporate purposes, including growth initiatives and working capital. Cowen and Co. LLC acted as the sole placement agent for the transaction.
