---
schema_version: "secwatch.filing_event.v1"
accession: "0000924168-23-000010"
form_type: "8-K"
ticker: "EFOI"
cik: "0000924168"
company_name: "ENERGY FOCUS, INC/DE"
filed_at: "2023-01-23T23:59:59+00:00"
generated_at: "2026-06-20T12:11:35.804125+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Energy Focus raises ~$2.1M equity from Sander; appoints Jay Huang chairman

## Summary
- 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.

## SEC filing metadata
- accession: 0000924168-23-000010
- form_type: 8-K
- ticker: EFOI
- cik: 0000924168
- company_name: ENERGY FOCUS, INC/DE
- filed_at: 2023-01-23T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.02, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/efoi-20230117.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000924168-23-000010
- JSON: https://secwatch.observer/filing/0000924168-23-000010.json
- Plain text: https://secwatch.observer/filing/0000924168-23-000010.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Executive change
  Chiao Chieh (Jay) Huang was appointed as Director at ENERGY FOCUS, INC/DE.
  - Action: appointed
  - Role: Director
  source text: On January 23, 2023, the Board appointed Chiao Chieh (Jay) Huang as a director of the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Executive change
  Chiao Chieh (Jay) Huang was appointed as Chairman of the Board at ENERGY FOCUS, INC/DE.
  - Action: appointed
  - Role: Chairman of the Board
  source text: Mr. Huang was also appointed to serve as the Chairman of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Executive change
  Stephen Socolof was appointed as Lead Independent Director at ENERGY FOCUS, INC/DE.
  - Action: appointed
  - Role: Lead Independent Director
  source text: former Chairman, Stephen Socolof, was appointed to serve as Lead Independent Director
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Material Agreements
  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
  source text: On January 18, 2023, the Company and Crossroads entered into a Second Amendment to the Inventory Loan Agreement (the “Crossroads Amendment”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm
- Material Agreements
  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
  source text: On January 17, 2023, the Company and Streeterville entered into an Amendment to Promissory Note (the “Streeterville Amendment”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000010/0000924168-23-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.