The increase share allocation has led to further share price declines and year-to-date the stock is down over 98%. Image: RGS Energy
US-based residential and small commercial PV installer RGS Energy said it expected to have netted around US$3.6 million from its latest US$4.1 million public share offering as it struggles to comply with the NASDAQ minimum stock price rule and possible de-listing.
Ahead of the announced stock offering, RGS Energy had seen its stock price plummet 96% in 2016. The increase share allocation has led to further share price declines and year-to-date the stock is down over 98%.
“With this offering, we expect to report positive stockholders’ equity and working capital at the end of the year,” said RGS Energy, CEO Dennis Lacey. “Through the end of September, we did not have access to financial capital to execute our business turnaround strategy. However, we have since received capital from our convertible preferred offering and convertible notes financing to execute our strategy. As such, we have been purchasing equipment and converting our backlog to revenue at a faster pace than in the third quarter.”
RGS Energy had previously reported a total of 54 rooftop projects had been completed in the third quarter of 2016, down 50% on the previous quarter’s 98 rooftop completions, which equated to only 0.6MW of third quarter installations, compared to 1.1MW in the previous quarter.
Roth Capital Partners and WestPark Capital acted as the exclusive co-placement agents in the offering.
Understanding bifacial’s true potential: technology innovation and technical bankability of bifacial
The deployment of bifacial PV technology is growing rapidly. It has proven to be the most effective solution to reduce levelised energy costs (LCOE) and increase the Investment Rate of Return (IRR) of PV systems, offering substantially improved energy yield compared to the use of standard mono-facial modules. Even though the concept is not new, it has been a niche technology for many years with uncertainties in predicting performance and optimizing installations. Today, bifacial technology is becoming mainstream, with capacity available at the multi-gigawatt scale and with corresponding global deployment of project pipelines. Join this webinar, presented by Andrea Viaro, as he discusses the award-winning Swan bifacial module with transparent backsheet from DuPont, its features, benefits and differences vs. standard glass-glass modules. Jinko Solar’s new bifacial technology innovations will also be highlighted, specifically covering profitability in deployment at utility-scale PV power plants. Andrea will be joined by Dr.Lars Podlowski who will give a comprehensive introduction to all aspects of bifacial PV technology, with a special focus on benefits and risks industry buyers and investors should pay attention to.
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability.