Energy Focus (NASDAQ:EFOI) stock observed trading -60.00% off 52-week high price. On the other end, the stock has been noted 54.46% away from low price over the last 52-weeks. The stock disclosed a move of 24.76% away from 50 day moving average and 15.25% away from 200 day moving average. Moving closer, we can see that shares have been trading 8.24% off 20-day moving average. It has market cap of $7.14M.
On Jan. 10, 2020, Energy Focus (NASDAQ:EFOI) a leader in advanced LED lighting technologies and solutions, notified that it has entered into definitive securities purchase agreements with certain institutional investors for the issuance and sale of 3,441,803 shares of the Company’s common stock, at a purchase price of $0.799 per share, in a registered direct offering priced at-the-market. The Company also agreed to issue to the institutional investors unregistered warrants to purchase up to 3,441,803 shares of common stock, at an exercise price of $0.674 per share in a concurrent private placement.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
The warrants will be exercisable upon issuance and will expire five years following the date of issuance. The closing of the sale of the securities is expected to occur on or about January 13, 2020, subject to the satisfaction of customary closing conditions.
The gross proceeds to the Company are expected to be approximately $2.75 million, before deducting placement agent fees and other offering expenses. Energy Focus currently intends to use the net proceeds from the offering for general corporate purposes, including a payment of 10% of the gross proceeds to reduce the balance of an outstanding promissory note in accordance with the terms of such note.
About Energy Focus
Energy Focus is an industry-leading innovator of energy-efficient LED lighting technologies and solutions. As the creator of the first flicker-free LED products on the U.S. market, Energy Focus products provide extensive energy and maintenance savings, and aesthetics, safety, health and sustainability benefits over conventional lighting. Our customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Energy Focus is headquartered in Solon, Ohio. The USA based company Energy Focus moved with change of -37.31% to $0.58 with the total traded volume of 4453653 shares in recent session versus to an average volume of 156.75K shares. The stock was observed in the 5 days activity at 11.54%. The one month performance of stock was 35.14%. EFOI’s shares are at 26.09% for the quarter and driving a -20.00% return over the course of the past year and is now at 22.57% since this point in 2018. Right now the stock beta is 0.92. The average volatility for the week and month was at 30.74% and 13.54% respectively. There are 12.31M shares outstanding and 9.09M shares are floated in market.