Akeena to offer 4 million shares at discount

(ADPnews) – Oct 11, 2010 - US solar power systems installer Akeena Solar Inc (NASDAQ:AKNS) plans to sell four million shares to institutional investors at a 10% discount to the stock's Thursday close.

The shares will be up for grabs for USD 0.55 (EUR 0.39) apiece, delivering proceeds of up to USD 2.2 million in total.

Akeena finished Thursday’s session on the Nasdaq at USD 0.61 per share.

The company added it would issue warrants to purchase up to 1.6 million shares at USD 0.61 each. The warrants will not be exercisable until six months after issuance and have a term of five years.

In May, Akeena reached a deal to manufacture, market and install solar panels under the Westinghouse name, which is controlled by CBS Corp (NYSE:CBS).

The company announced last month it would exit the photovoltaic (PV) solar installation business in California and take a related third-quarter charge of USD 2.5 million. Since then its shares have plummeted over 18%.

(USD 1.0 = EUR 0.716)

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