Lighting Science Group Corporation (OTCBB: LSCG), a Satellite Beach provider of LED lighting solutions, has closed a $20M preferred stock financing led by affiliates of Pegasus Capital Advisors, L.P. (“Pegasus”) with participation from Riverwood Capital Partners, L.P. (“Riverwood”), the Company’s two largest shareholders. The Company received $17.4M of the funds at the closing of the financing and has received a commitment to fund the balance of $2.6M. Lighting Science, founded in 2004 by CTO Fred Maxik, produces branded LED lighting products for Sylvania, Definity, EcoSmart, and Westinghouse. The funding will be used to finance the Company’s growth and solidify its leadership position in the LED lighting marketplace, with a strong focus on the Company’s technology platforms and product innovations. “We are extremely excited about closing this round of financing as it will provide capital to help fuel the Company’s transformation and growth agenda,” said Jeremy Cage, CEO of Lighting Science. “And we are proud to have strategic capital partners like Pegasus and Riverwood who, through continued financial support, have demonstrated their conviction in Lighting Science’s ability to execute upon its long-term strategic plan.” Read more here.
