Lighting Science Group Corporation announced that it has received US $ 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 buy led high bay lamps market, with a strong focus on the Company's technology platforms and product innovations.
"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."
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 led high bay light for sale 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."
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