Daily News: November 25, 2014

Serengeti Finances Lighting Science Investment

Lighting Science Group announced it received $13 million in preferred stock financing from Serengeti Asset Management. The funding will be used to finance the company’s growth and solidify its leadership position in the LED lighting market, with a strong focus on the company’s technology platforms and product innovations.

The company issued an aggregate of 13,000 shares of its senior Series J convertible preferred stock at a price of $1,000 per share. This issuance augments the $45.5 million that was previously invested in this round by other investors.

“We are excited to announce Serengeti as the most recent addition to the prestigious firms supporting Lighting Science and its mission of revolutionizing the world through the commercialization of next-generation light-based technologies,” said Edward Bednarcik, CEO of Lighting Science. He continued, “We believe this capital infusion will help us capture share in the fast-growing LED lighting market, where we see adoption rates growing very rapidly, and continue to execute on our aggressive growth plans.”

Lighting Science Group is a global provider of innovative LED lighting solutions.

Serengeti Asset Management is an investment firm with $1.5 billion of assets under management. Serengeti focuses on debt and equity investments in out-of-favor asset classes and sectors and complex situations. This often involves companies going through a transformative catalyst, operational turnaround, or liquidation. This can include special situation equities, distressed debt, stressed corporate credit and off-the-run structured credit.