SAN DIEGO, CA / ACCESSWIRE / April 16, 2019 / Envision Solar International, Inc., (NasdaqCM: EVSI, EVSIW) (''Envision Solar,'' or the ''Company''), a leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, today announced the pricing of 2,000,000 units at a price to the public of $6.00 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to acquire one share of common stock at an exercise price of $6.30 per share. No units will be issued. The common stock and warrants are immediately separable from the units and will be issued separately. The common stock and warrants are expected to begin trading on The Nasdaq Capital Market on April 16, 2019, under the symbols 'EVSI' and 'EVSIW,' respectively. Envision Solar expects to receive gross proceeds of $12.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Concurrent with the offering, the Company effectuated a reverse split of its common stock at a ratio of 1-for-50.
Envision Solar has granted the underwriters a 45-day option to purchase up to 300,000 additional shares of common stock, or warrants, or any combination thereof, at the public offering price to cover over-allotments, if any. The offering is expected to close on April 18, 2019, subject to customary closing conditions.
Maxim Group LLC is acting as the Sole Book-Running Manager and Joseph Gunnar & Co. is acting as co-manager for the offering.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia solar advertising displays.
Based in San Diego, the company produces Made in America products. Envision Solar is listed on The Nasdaq Capital Markets under the symbol EVSI. For more information visit www.envisionsolar.com, call (858) 799-4583. Follow us on social media to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.
This Envision Solar International, Inc. Press Release may contain forward-looking statements, including those related to the closing of the offering. . All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as ''estimate,'' ''project,'' ''predict,'' ''believe,'' ''expect,'' ''anticipate,'' ''target,'' ''plan,'' ''intend,'' ''seek,'' ''goal,'' '' will,'' ''should,'' ''may,'' or other words and similar expressions that convey the uncertainty of future events or results.
Envision Solar International, Inc.
SOURCE: Envision Solar International, Inc.