Business
Energy Focus Announces $1.3 Million Investment and Changes to Board of Directors
--News Direct--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems for the commercial, military, and
About this update from Energy Focus, Inc.
[{"type":"text","content":"--News Direct--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems for the commercial, military, and maritime markets, today announces that on June 29, 2023 the company entered into a purchase agreement for the issuance and sale of 746,875 shares of the Company’s common stock in a private placement priced at fair market value under the rules of The Nasdaq Stock Market (“Nasdaq”).The private placement closed on June 29, 2023, and was facilitated by certain purchasers associated with Sander Electronics following the previously announced strategic investment in early 2023. “Jay Huang, Chairman of the Energy Focus Board of Directors and President of Sander Electronics, has been an essential leader for setting Energy Focus up for future success,” said Lesley Matt, Chief Executive Officer of Energy Focus. “His faith and commitment to bringing innovative energy solutions products to expand our product footprint is essential in developing the road map toward future success. This additional investment will help us to realize those plans.” Following the Private Placement, the Company appointed Kin-Fu Chen, Dr. Shou-Jang Lee, Jason Tien-Chia Tsai, and Dr. Chao-Jen Huang to the Board of Directors. The new directors bring with them a wide range of expertise in different areas of finance, economics, and business. Four previous directors voluntarily resigned from the Board. These directors fill vacancies created by four resignations from the Board on June 28, 2023.“I am excited to tap into the new board member’s wide range of knowledge in global trade, financial markets, government affairs and innovation in new energy developments,” said Matt. “I believe their strong backgrounds will bring new perspective to better align with future growth and the expansion of Energy Focus’ product portfolio to include new innovations in energy solutions products.”Gross proceeds to the Company in respect of the Private Placement is approximately $1.3 million, before offering expenses payable by the Company. Energy Focus intends to use the proceeds from this transaction for general corporate purposes. The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933 (the “Securities Act”), or applicable...