US-based residential and small commercial PV installer RGS Energy is issuing new shares ahead of a final NASDAQ hearing in December 2016 over whether the company would be de-listed as it has not complied with the minimum stock price rule.
RGS Energy said in an SEC filing that should the stock offering not result in its share price regaining compliance a further stock offering and or a reverse stock split would be considered.
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The company said that ROTH Capital was serving as exclusive placement agent for the Series I Warrants that were required for the purchase of common stock.
The US installer has seen its stock price plummet 96% in 2016 and over 57% in the last month. RGS Energy reported a total of 54 rooftop projects were completed in the third quarter, 50% down 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.
As a result, revenue in the quarter declined to US$2.5 million. The company reported a net loss of US$7.7 million. Cash and cash equivalents were US$1.4 million at the end of the third quarter.