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Nexxus Lighting Closes Follow-on Public Offering of Common Stock and Sale of Over-Allotment Shares

^{Published on 2009-12-21 09:20:15 - Market Wire}
 

CHARLOTTE, N.C.--([ BUSINESS WIRE ])--Nexxus Lighting, Inc. (NASDAQ: NEXS) today announced the closing of its follow-on public offering of 5,750,000 shares of common stock at a public offering price of $3.00 per share. The aggregate amount of common shares sold reflects the exercise in full by the underwriters of their option to purchase up to 750,000 additional shares of common stock to cover over-allotments. The Company received aggregate net proceeds of approximately $15.9 million, after deducting underwriting discounts and commissions and estimated offering expenses. Nexxus Lighting currently expects to use the net proceeds of this offering for working capital and general corporate purposes, including the planned growth of its Array™ Lighting LED replacement lamp business, as well as the repayment of certain indebtedness.

Canaccord Adams Inc. served as the sole book-running manager for the public offering. Wedbush Securities Inc. served as co-manager for the public offering. A copy of the final prospectus related to the offering may be obtained from Canaccord Adams Inc., Attn: Syndicate Dept., 99 High Street, 11th Floor, Boston, Massachusetts 02110.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of these securities will be made only by means of the written prospectus forming part of the effective registration statement for the offering.

About Nexxus Lighting, Inc.

Nexxus Lighting is a leader in advanced lighting technology, including solid-state LED and fiber optic lighting systems and controls used in commercial, architectural, signage, swimming pool, entertainment and retail lighting. Nexxus Lighting sells its products through its Commercial Lighting, Lumificient and Nexxus Lighting Pool & Spa divisions under the Array™ Lighting, Savi®, eLum™, LiveLED™, Super Vision® and Lumificient™ brand names.

Nexxus Lighting - Life's Brighter! ® [ www.nexxuslighting.com ]

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Nexxus Lighting's filings under the Securities Exchange Act for factors that could cause actual results to differ materially. Nexxus Lighting undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.