Unassociated Document
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
Form 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date
of
report (date of earliest event reported):
November
14, 2008
AKEENA
SOLAR, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-33695
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90-0181035
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S.
Employer Identification No.)
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16005
Los Gatos Boulevard
Los
Gatos, California 94032
(Address
of principal executive offices)
Registrant’s
telephone number, including area code:
(408)
402-9400
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
The
following is to update and correct information we previously reported in Part
I
of our Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2008, in Item 1 (Financial Statements), under footnote 9 to
the Notes to Condensed Consolidated Financial Statements, and in Item 3
(Management’s Discussion and Analysis), under the caption “Liquidity and capital
resources.”
With
reference to the Loan and Security Agreement we entered into on January 29,
2007
with Comerica Bank, as subsequently amended (the “2007 Credit Facility”), and
which matures on October 1, 2009, we are required to maintain or achieve certain
financial ratios and covenants, as measured on a quarterly basis. At September
30, 2008, we were not in compliance with the covenant to maintain a “Tangible
Net Worth” (as defined in the 2007 Credit Facility) of not less than
$25,000,000; our Tangible Net Worth at September 30, 2008 was $24,230,000.
Comerica Bank has provided a waiver to us of that covenant shortfall for our
quarter ended September 30, 2008. We anticipate that our Tangible Net Worth
will
continue to be less than $25,000,000 for some period, and that we will need
to
seek additional waivers of this covenant for future quarters, or to request
that
Comerica Bank agree to further modify the terms of the 2007 Credit Facility
to
reduce this requirement. We plan to continue active discussions with Comerica
Bank regarding revisions to our credit facility.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
November 25, 2008
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AKEENA
SOLAR, INC. |
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By: |
/s/ Gary
R.
Effren |
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Gary
R. Effren, |
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Chief
Financial Officer |