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SARASOTA -- Sunovia Energy Technologies Inc. issued more than 35 million shares of new common stock at the end of 2011, a newly released filing with the Securities and Exchange Commission shows.
According to the filing, roughly 25.8 million shares were sold to a group of 10 investors at a price of 2 cents per share, raising $516,800 in capital for the company.
Additionally, roughly 9.3 million shares were issued to two Sunovia employees, including CEO Art Buckland, to satisfy “deferred compensation obligations” worth $186,199.
Sunovia develops LED lighting and solar technologies. The company posted more than $20 million in net losses in its 2010 fiscal year, and lost another $3.9 million in the first five months of 2011. The company is currently repositioning itself as a member of the outdoor light emitting diodes (LED) industry; it was the subject of a feature story in the Gulf Coast Business Review in September (see “Shine,” Sept. 15).
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