Shareholders of Real Goods Solar, Inc. (NASDAQ:RGSE) are having a rough day after the solar energy company announced that all of its Series A 12.5% Mandatorily Convertible Preferred Stock, stated value $1,000.00 per share has been converted into shares of the Company’s Class A common stock, par value $0.0001 per share. Through September 29, 2016, the originally issued 2,800 shares of Preferred Stock had been converted into 1,562,536 shares of Common Stock at an average conversion price of $1.77.
The Company also announced that as of September 30, 2016, certain holders of the Company’s Series H Warrants had exercised such warrants at the exercise price of $5.50 per share to acquire 285,454 shares of Common Stock for a total exercise value of $1,569,998. (Original Source)
Real Goods Solar shares reacted to the news, falling 20% as of this writing.
Real Goods Solar, Inc. is a residential and commercial solar energy engineering, procurement, and construction firm. It offers turnkey services, including design, procurement, permitting, build-out, grid connection, financing referrals and warranty and customer satisfaction activities.