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Real Goods Solar to offer up to $20M of preferred stock

Real Goods Solar Inc. plans to offer up to $20 million of its series 1 preferred stock to fund the commercialization of its solar shingle product and for general corporate purposes.

The company will distribute to holders of each of its class A common and its outstanding warrants to purchase class A common stock nontransferable subscription rights to purchase up to an aggregate of 10 shares of its series 1 preferred stock.

Each preferred share will earn a 12% annual dividend, payable quarterly, in cash and kind and will have 100 votes on all matters submitted to a vote of the holders of class A common stock. The company intends to trade its series 1 preferred stock in the over-the-counter market. The stock will be quoted on the OTCQX marketplace operated by OTC Markets Group.

RHK Capital will act as dealer manager for the offering, Mackenzie Partners as information agent and Continental Stock Transfer & Trust Co. as subscription rights agent.