Enphase Energy Inc. entered into a private equity offering of 9,523,809 shares of common stock at $2.10 per share to an affiliate of Chilean entrepreneur and investor Isidoro Quiroga.
Enphase, which produces microinverters, said proceeds from the private placement will be approximately $20 million.
Under the agreement, Quiroga or one of his designees will be entitled to a board observer position. The company will use the proceeds for general corporate purposes, according to a Feb. 5 release.
The offering is scheduled to close on Feb. 9.
