Quercus has exchanged 19.7 million of its common shares of WorldWater for 19,700 shares of convertible preferred stock and supplied WorldWater & Solar Technologies with a $6 million bridge loan. The 19.7 million common shares and the bridge loan were subsequently utilized to complete the Entech merger.
Pursuant to the exchange agreement, once a shareholders meeting is held and additional common shares are authorized, a subsequent exchange with Quercus will be implemented. As a result, Quercus will receive 19.7 million common shares in exchange for the 19,700 shares of convertible preferred stock previously issued.
Quentin Kelly, chairman and CEO of WorldWater & Solar Technologies, said: The Quercus Trust, which has been an investor in our company since last spring, has demonstrated its strong commitment to both WorldWater and Entech by making this transaction possible on an expedited basis.
