On June 21, 2024, Energy Focus, Inc. (the "Company") entered into a securities purchase agreement (the "Purchase Agreement") with Sander Electronics Inc. (the "Purchaser"), a shareholder of the Company controlled by Chiao Chieh (Jay) Huang, CEO of the Company, pursuant to which the Company agreed to issue and sell in a private placement (the "Private Placement") an aggregate of 534,592 shares (the "Shares") of the Company's common stock, par value $0.0001 per share (the "Common Stock"), for a purchase price per share of $1.59.
Aggregate gross proceeds to the Company in respect of the Private Placement is approximately $0.85 million, before offering expenses payable by the Company. The Private Placement was closed on June 21, 2024.