01:15 PM EDT, 06/27/2024 (MT Newswires) -- Energy Focus (EFOI) shares rose 8% Thursday after the company said in a regulatory filing that it entered into a securities purchase agreement to sell 534,592 of its shares to Sander Electronics, a shareholder controlled by Energy Focus Chief Executive Chiao Chieh Huang.

The June 21 private placement with Sander Electronics was priced at $1.59 per share, matching the previous session's closing price and generating about $850,000 in gross proceeds, according to the regulatory filing.