Akeena Solar climbs on news of increased credit line
Akeena Solar, Inc. (Nasdaq: AKNS) shares are soaring after the designer of solar power systems said its lender is increasing its credit line 233% to $25 million from $7.5 million. The Los Gatos, Calif.-based firm’s lender, Comerica Bank, said the increased credit is subject to execution of loan documentation.
"With this additional borrowing capacity, coupled with our recent $26.1 million equity raise, Akeena will have the financial flexibility and resources to fund our working capital needs and ambitious growth plans for the intermediate future," CFO Gary Effren said in a statement. "We have a strong working relationship with Comerica and are pleased by their recognition of the growing strength of the company's balance sheet and financial condition."
In afternoon trading, AKNS shares are up 17.82%, or $1.18, at $7.80. Over the last 52 weeks, shares have ranged from $1.90 to $10.05.
