RGS prices public offering, raising $4.1M

LOUISVILLE – Solar installer RGS Energy (Nasdaq: RGSE) on Thursday morning priced a follow-on public stock offering, raising $4.1 million in gross proceeds.

Company officials said they expect to net about $3.6 million after paying agent fees and other offering expenses.

Louisville-based RGS sold units for 22 cents apiece in the offering, with each unit consisting of one share of Class A common stock and a Series I warrant. The warrant is for the purchase of one share of common stock at an exercise price of 35 cents, and is exercisable immediately after issuance for a period of five years.

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RGS’s shares were trading at 24 cents apiece Thursday morning, down 13 cents from Wednesday’s close.

The troubled company has been trying to right the ship for the past two years as it shut down its large commercial operations and saw its acquisition of Hawaii-based Sunetric struggle. RGS has struggled to maintain compliance for listing on the Nasdaq stock exchange, conducting multiple reverse stock splits to boost its share price only to see shares continue to dive.