RGS Energy Completes $7.0 Million Private Equity Offering

RGS Energy RGSE, a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, has completed its previously announced private equity offering for gross proceeds of approximately $7.0 million. After paying placement agent fees and offering expenses, the company plans to use the net proceeds of approximately $6.4 million to support the launch of its residential leasing platform and for general working capital purposes, including debt repayment. The financing terms included the sale of 2,919,301 shares of Class A common stock at a per share price of $2.40 and warrants to purchase 1,313,686 shares of Class A common stock, exercisable six months from the date of issuance and for a period of five years thereafter at an exercise price of $3.19. "This additional capital enables us to accelerate the deployment of our in-house residential leasing platform," said Kam Mofid, CEO of RGS Energy. "Coupled with our strong nationwide footprint, including our recent acquisition in Hawaii, our internal leasing solution will allow us to better serve and grow our customer base." Roth Capital Partners served as lead placement agent and Maxim Group LLC as co-placement agent in connection with the transaction.