---
schema_version: "secwatch.filing_event.v1"
accession: "0000924168-23-000038"
form_type: "8-K"
ticker: "EFOI"
cik: "0000924168"
company_name: "ENERGY FOCUS, INC/DE"
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T07:29:41.316650+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Energy Focus raises $305K from directors, faces Nasdaq delisting for low equity and bid price

## Summary
- Issued 608,502 shares to board directors at $0.5609 and $0.5000 for $305K gross proceeds.
- Exchanged $250K promissory note with Streeterville Capital for 502,008 shares of common stock.
- Nasdaq issued additional delisting notice due to bid price below $1.00 for 30 consecutive days.
- Stockholders' equity was $1.526M at Sep 30, 2022; must reach $2.5M by May 15, 2023, to comply.
- Appeal hearing requested; listing stays pending panel decision, but compliance uncertain.

## SEC filing metadata
- accession: 0000924168-23-000038
- form_type: 8-K
- ticker: EFOI
- cik: 0000924168
- company_name: ENERGY FOCUS, INC/DE
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.01, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/0000924168-23-000038-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/efoi-20230328.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000924168-23-000038
- JSON: https://secwatch.observer/filing/0000924168-23-000038.json
- Plain text: https://secwatch.observer/filing/0000924168-23-000038.txt

## Key facts
- Listing & Compliance Notices
  ENERGY FOCUS, INC/DE received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(2)(A)).
  - Exchange: nasdaq
  - Notice: delisting notice
  - Deficiency: minimum bid price
  - Rules: 5550(a)(2), 5810(c)(2)(A)
  source text: March 28, 2023, the Company received written notification (the “Additional Staff Determination”) from the Staff stating that (i) following the Bid Price Notification, and in accordance with Listing Rule 5810(c)(2)(A), Nasdaq is no longer permitted to consider the Plan, (ii) the Additional Staff Determination serves as an additional basis for delisting the Company’s common stock from Nasdaq and (iii) the Panel will consider the Additional Staff Determination in rendering a determination regarding the continued listing of the Company’s common stock on Nasdaq. The Company intends to diligently pu
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/0000924168-23-000038-index.htm
- Listing & Compliance Notices
  ENERGY FOCUS, INC/DE received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: stockholders equity
  - Rules: 5550(b)(1)
  source text: November 16, 2022, the Company received a written notification from the Listing Qualifications staff (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) that the Company is not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’ Equity Requirement”). The Company’s Form 10-Q for the Quarterly Period Ended September 30, 2022 filed on November 10, 2022 reflected that the Company’s stockholders’ equity a
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/0000924168-23-000038-index.htm
- Material Agreements
  ENERGY FOCUS, INC/DE entered into Exchange Agreement with Streeterville Capital, LLC valued at $250,000 (effective 2023-03-31).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Streeterville Capital, LLC
  - Value: $250,000
  - Effective: 2023-03-31
  source text: On March 31, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Streeterville Capital, LLC (the “Lender”), to whom the Company previously sold and issued that certain Promissory Note dated April 21, 2022 (as amended, the “Original Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/0000924168-23-000038-index.htm

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