Leading LED lighting maker Revolution Lighting Technologies, Inc. (NASDAQ Capital Market: RVLT), formerly Nexxus Lighting, announced that it has completed the acquisition of Seesmart Technologies, Inc, an LED lighting solutions provider based in California.
 
Under the terms of the agreement, Revolution paid approximately $20 million, with 50 percent of the consideration in shares of Revolution stock and 50 percent in cash.  Revolution has reserved approximately 14 million shares of common stock for issuance to holders of Seesmart common stock and convertible notes pursuant to the transaction. The approximately $10 million of cash consideration paid pursuant to the agreement was funded from the sale of new Revolution convertible preferred stock to RVL Holdings, an entity managed by Aston Capital, LLC and controlled by Robert V. LaPenta . 
 
The preferred stock will be convertible into approximately 14 million shares of Revolution common stock following the effectiveness of stockholder approval consistent with the rules of the Nasdaq Stock Market and will bear an annual payment in kind dividend at a rate per annum of 10% of the original issuance price.  The company will provide a more detailed description of the terms and conditions of the transaction in a Current Report on Form 8-K to be filed with the SEC.