Lighting Science Receives $13.0 Million Equity Investment to Fund Growth
November 19 2014 - 12:04PM
Business Wire
Funding commercialization of existing Lighting
Science products in next-generation light technologies and capture
share in fast-growing LED lighting market
Lighting Science Group Corporation announced that it has
received $13.0 million in preferred stock financing from Serengeti
Asset Management. The funding will be used to finance the Company's
growth and solidify its leadership position in the LED lighting
market, with a strong focus on the Company's technology platforms
and product innovations.
The Company issued an aggregate of 13,000 shares of its senior
Series J Convertible Preferred Stock at a price of $1,000 per
share. This issuance augments the $45.5 million that was previously
invested in this round by other investors.
“We are excited to announce Serengeti as the most recent
addition to the prestigious firms supporting Lighting Science and
its mission of revolutionizing the world through the
commercialization of next-generation light-based technologies,”
said Edward Bednarcik, Chief Executive Officer of Lighting Science.
He continued, “We believe this capital infusion will help us
capture share in the fast-growing LED lighting market, where we see
adoption rates growing very rapidly, and continue to execute on our
aggressive growth plans.”
About Lighting Science
Lighting Science Group Corporation (OTCQB:LSCG) is a
global leader in innovative LED lighting solutions that designs,
manufactures and brings to market the most advanced and intelligent
products for both consumer, professional and retail applications.
By inventing breakthrough, award-winning, LED lamps and lighting
fixtures that truly work in sync with nature, we follow one of our
core values by being committed to unleash the science of light to
make people, and our planet, look, feel and heal better. Lighting
Science Group is headquartered in Melbourne, FL, with an Asian
office located in Hong Kong, China. Find out more at
www.lsgc.com and join us on Twitter, Facebook, LinkedIn and
the Lighting Science blog.
About Serengeti Asset Management
Serengeti Asset Management is an opportunistic, value-based
investment firm with $1.5 billion of assets under management.
Serengeti focuses on debt and equity investments in out-of-favor
asset classes and sectors and complex situations. This often
involves companies going through a transformative catalyst,
operational turnaround, or liquidation. This can include special
situation equities, distressed debt, stressed corporate credit and
off-the-run structured credit.
Forward Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, statements
concerning the anticipated growth of the LED lighting market and
the performance of Lighting Science Group and its products and/or
use terminology such as "achieve," "anticipate," "believe,"
"estimate," "expect," "goal," "intend," "plan," "project," "seek,"
"target," "will," “agenda,” “continue” and variations of such words
and similar expressions. Such statements reflect the current view
of Lighting Science Group with respect to future events and are
subject to certain risks, uncertainties and assumptions. Known and
unknown risks, uncertainties and other factors could cause actual
results to differ materially from those contemplated by these
statements. In evaluating these statements, you should carefully
review the risk factors detailed under "Risk Factors" in our most
recent filings with the Securities and Exchange Commission that may
cause our actual results to differ materially from these
forward-looking statements.
Lighting Science Group CorporationKate Kaminski,
321-610-9541MarketingE kate.kaminski@lsgc.com
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