Lime Energy sells 400K Series B preferred shares for $10/share

|By:, SA News Editor

Lime Energy (LIME -0.4%)  sells 400K Series B preferred shares at $10/share to a group of investors including Lime's largest shareholder, Chairman Richard Kiphart.

The shares carry a 12.5% PIK annual dividend and are convertible into common shares at $2.83/share, representing a potential dilution of common shareholders of ~39%.

In conjunction, Lime issued the investors 5-year warrants to purchase 565K common shares at $2.83/share. (8-K)