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Real Goods Solar closes rights offering for sale of preferred shares

Real Goods Solar Inc. issued and sold 53,877 series 1 preferred shares for cash proceeds of $538,770, following the expiration of its rights offering to holders of common shares and warrant holders.

Under the offering, holders could convert their common shares and warrants to subscription rights to purchase preferred shares, according to a Dec. 20 filing.

One preferred share has a 12% annual yield on the purchase price, payable quarterly, and confers 100 votes on all matters submitted to a vote of holders of class A common shares.

Advisory Group Equity Services Ltd. served as dealer-manager.