8-K
filed January 23, 2023, 6:59 PM ET
ticker EFOI
CIK 0000924168
other material
confidence high
sentiment positive
materiality 0.75
ENERGY FOCUS, INC/DE (EFOI): debt financing — Energy Focus raises ~$2.1M equity from Sander; appoints Jay Huang chairman
ENERGY FOCUS, INC/DE
- 5,446,252 shares at $0.5008 each in private placement to Sander Electronics purchasers; gross proceeds ~$2.1M.
- ~$607K in Jay Huang notes and ~$809K in Gina Huang promissory notes exchanged into common stock.
- Jay Huang appointed Chairman; Wen-Jeng Chang appointed director; board expanded to 8 members.
- Inventory Facility amended: max borrowing cut to $500K, maturity extended to Dec 2023, rate set at L+5.5% or SOFR+6%.
- Streeterville Note amended: term extended to Dec 2024, $500K paid down, $250K due Jul 2023, then ~$117K monthly.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ENERGY FOCUS, INC/DE amended credit facility of $3,500,000 to $500,000 with Crossroads Financial Group, LLC at Three Month Libor rate plus 5.5% (currently 10.28% per annum) maturing December 31, 2023.
- Instrument
- credit facility
- Principal
- $3,500,000 to $500,000
- Counterparty
- Crossroads Financial Group, LLC
- Rate
- Three Month Libor rate plus 5.5% (currently 10.28% per annum)
- Maturity
- December 31, 2023
- Event
- amendment
Exact text from the filing
the remaining outstanding obligations under the Inventory Facility, and to reduce the maximum amount that may be available to the Company under the Inventory Facility from $3,500,000 to $500,000, subject to the borrowing base as set forth in the Inventory Loan Agreement. Pursuant to the Crossroads Amendment, Crossroads and the Company also agreed to extend the
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Chiao Chieh (Jay) Huang was appointed as Director at ENERGY FOCUS, INC/DE.
- Action
- appointed
- Role
- Director
Exact text from the filing
On January 23, 2023, the Board appointed Chiao Chieh (Jay) Huang as a director of the Company, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Chiao Chieh (Jay) Huang was appointed as Chairman of the Board at ENERGY FOCUS, INC/DE.
- Action
- appointed
- Role
- Chairman of the Board
Exact text from the filing
Mr. Huang was also appointed to serve as the Chairman of the Board
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stephen Socolof was appointed as Lead Independent Director at ENERGY FOCUS, INC/DE.
- Action
- appointed
- Role
- Lead Independent Director
Exact text from the filing
former Chairman, Stephen Socolof, was appointed to serve as Lead Independent Director
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ENERGY FOCUS, INC/DE entered into Registration Rights Agreement with the Purchasers (effective 2023-01-17).
- Action
- entry
- Counterparty
- the Purchasers
- Effective
- 2023-01-17
Exact text from the filing
Registration Rights Agreement On January 17, 2023, in connection with the Purchase Agreement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with each of the Purchasers.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ENERGY FOCUS, INC/DE amended Second Amendment to the Inventory Loan Agreement with Crossroads Financial Group, LLC (effective 2023-01-18).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Crossroads Financial Group, LLC
- Effective
- 2023-01-18
Exact text from the filing
On January 18, 2023, the Company and Crossroads entered into a Second Amendment to the Inventory Loan Agreement (the “Crossroads Amendment”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ENERGY FOCUS, INC/DE amended Amendment to Promissory Note with Streeterville Capital, LLC (effective 2023-01-17).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Streeterville Capital, LLC
- Effective
- 2023-01-17
Exact text from the filing
On January 17, 2023, the Company and Streeterville entered into an Amendment to Promissory Note (the “Streeterville Amendment”)
View on SEC.gov
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