Real Goods Solar Completes $20 Million Public Offering of Units
LOUISVILLE, Colo., Nov. 20, 2013 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc.
(Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for
residential, commercial, and utility customers, has completed the previously
announced offering of 5,900,000 units consisting of its class A common stock
and Class A common stock warrants in an underwritten public offering at a
price of $3.40 per unit. Each unit consisted of one share of Class A common
stock and one warrant to purchase 0.85 of a share of Class A common stock. The
warrants have a term of five and one-half years and are initially exercisable
beginning one year after the closing date. The warrants have an exercise price
of $3.41 per share.
The net offering proceeds to Real Goods Solar from the sale of the units is
approximately $18.4 million, after deducting underwriting discounts,
commissions and other estimated offering expenses.
"These funds substantially strengthen our balance sheet allowing us to
accelerate growth in key residential and commercial markets," said Real Goods
Solar CEO Kam Mofid. "We will also be able to continue to invest in and
enhance our sales and project development capabilities while increasing our
overall operational and system deployment capacity."
"Attractive customer economics and the environmental benefits of solar create
a compelling case for continued growth in the sector," continued Mofid. "We
are excited to play a significant role in bringing 100% clean and renewable
energy to businesses and consumers."
Cowen and Company, LLC acted as the sole book-running manager for the
The offering was conducted via a shelf registration statement on Form S-3 (No.
333-190050) including a base prospectus, previously filed and declared
effective by the Securities and Exchange Commission (SEC). The final
prospectus supplement related to the offering was filed with the SEC on
November 15, 2013 and is available on the SEC's website located at
www.sec.gov. The shares of common stock issuable upon exercise of the
warrants, or warrant shares, are not registered under a registration statement
or the prospectus supplement. Real Goods Solar has agreed to file a
registration statement covering the issuance of the warrant shares prior to
the time the warrants become exercisable.
About Real Goods Solar, Inc.
Real Goods Solar, Inc. (Nasdaq:RSOL) is one of the nation's pioneering solar
energy companies serving commercial, residential, and utility customers.
Beginning with one of the very first photovoltaic panels sold to the public in
the U.S. in 1978, the company has installed more than 16,000 solar power
systems representing well over 120 megawatts of 100% clean renewable energy.
Real Goods Solar makes it very convenient for customers to save on their
energy bill by providing a comprehensive solar solution, from design,
financing, permitting and installation to ongoing monitoring, maintenance and
support. As one of the nation's largest and most experienced solar power
players, the company has 17 offices across the West and the Northeast. It
services the commercial and utility markets through its RGS Energy division.
For more information, visit RealGoodsSolar.com or RGSEnergy.com, on Facebook
at www.facebook.com/realgoodssolar and on Twitter at
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements relating to matters
that are not historical facts. Forward-looking statements may be identified by
the use of words such as "expect," "intend," "believe," "will," "should" or
comparable terminology or by discussions of strategy. While Real Goods Solar
believes its assumptions and expectations underlying forward-looking
statements are reasonable, there can be no assurance that actual results will
not be materially different. Risks and uncertainties that could cause
materially different results include, among others, introduction of new
products and services, completion and integration of acquisitions, the failure
to close the Mercury acquisition, possibility of negative economic conditions
and other risks and uncertainties included in Real Goods Solar's filings with
the Securities and Exchange Commission. Real Goods Solar assumes no duty to
update any forward-looking statements.
CONTACT: Media and Investor Relations Contact
Liolios Group, Inc.
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