secwatch.observer — SEC 8-K summary
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Issuer:     ENERGY FOCUS, INC/DE (EFOI)
CIK:        0000924168
Form:       8-K
Filed at:   2023-04-03T23:59:59+00:00
Accession:  0000924168-23-000038
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 3.01, 3.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/0000924168-23-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/924168/000092416823000038/efoi-20230328.htm
  HTML page:      https://secwatch.observer/filing/0000924168-23-000038

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer