Super Vision gains $9.0 million in funding for LED lighting plan
Super Vision has secured $9 million in funding to execute its new business strategy that includes a focus on LED lighting systems.
Super Vision International has closed a private placement of Class A common stock and warrants led by a group of institutional investors, for gross proceeds of $9.0 million.
The news follows last week`s announcement that Super Vision had agreed a settlement in its long-running patent dispute with Color Kinetics, and will pay to license Color Kinetics` LED technology.
Super Vision says that the net proceeds will be used to reduce the company`s liabilities and strengthen its balance sheet, for general working capital and to fund the Company`s new strategic plan to expand its platform of products to meet the increasing demand for LED lighting systems.
Mike Bauer, president and CEO of Super Vision, stated, "Over the course of the last eleven months we have been working very hard to eliminate the legacy issues that have burdened the company and we have created a dynamic plan to capitalize on the growing demand for white light LED lighting systems for general lighting applications."
Bauer explained that an infusion of capital was required in order to fully execute the plan and position the company for accelerated growth. "The details of our plan will be unveiled to the market over the next several months and we feel that these efforts will put the company in a leadership position in several exciting new applications for LED lighting," he said.
The funds will also give Super Vision the resources to expand its R&D and intellectual property efforts and continue to build on the 20 issued patents currently held by the company.
Gross proceeds of approximately $9.0 million resulted from the sale of approximately 40,360 units at a price of $223.00 per unit, each unit consisting of 100 shares of Class A common stock, a warrant to purchase 60 shares of Class A common stock exercisable at $2.23 per share expiring 5 years from the date of issuance and a second warrant to purchase 15 shares of Class A common stock exercisable at $3.00 per share expiring 5 years from the date of issuance.
