Entech Solar announces commencement of rights offering
Entech Solar Inc. announced the commencement of the previously announced offering of subscription rights to acquire an aggregate of up to37,500,000 shares of Entech’s common stock. Entech’s registrationstatement on Form S-1 related to the rights offering was declaredeffective by the Securities and Exchange Commission on August 5, 2010.
Under the terms of the rights offering and subject to applicable law, Entechwill distribute, at no charge, to the holders of record as of 5:00 p.m., New York City time, on August 4, 2010, of its common stock,transferrable subscription rights to purchase additional shares ofEntech’s common stock.
Holders of Entech’s common stock as ofthe Record Date will receive one Right for each share of common stockowned on the Record Date. Each Right will be exercisable to purchase0.1166 shares of common stock at a subscription price of $0.08 pershare. Entech will not issue fractional rights or shares; if applicable, fractional shares of common stock resulting from the exercise of theRights will be eliminated by rounding down to the nearest whole share.
The Rights will terminate and the rights offering will expire at 5:00 p.m. New York City time, on September 20, 2010.
Assuming subscriptions for all of the shares offered in the rights offering,Entech estimates that the proceeds from the offering will beapproximately $3.0 million, less expenses. Entech intends to use theproceeds primarily for general corporate and working capital purposes.
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