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):
December
13, 2007
AKEENA
SOLAR, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-52385
|
90-0181035
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File No.)
|
(I.R.S.
Employer Identification No.)
|
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))
Item
7.01. Regulation FD Disclosure
On
December 13, 2007, Barry Cinnamon, President and Chief Executive Officer
of
Akeena Solar, Inc. (“Akeena”
or the “Company”) adopted a Rule 10b5-1 trading plan to sell a portion of his
shares of Akeena’s common stock in the open market at prevailing market prices
during 2008. Mr. Cinnamon has informed Akeena that his plan has been put
in
place at this time in order to satisfy financial obligations incurred by
Mr.
Cinnamon as part of his 2006 Divorce Settlement. This Rule 10b5-1 Plan was
established to comply with Rule 10b5-1(c) under the Securities and Exchange
Act of 1934 and the Company’s policies regarding stock transactions by its
executive officers.
Rule
10b5-1(c) allows corporate officers and directors to adopt written, pre-arranged
stock trading plans when they do not have material, non-public information.
Using these plans, insiders can gradually diversify their investment portfolios,
can spread stock trades out over an extended period of time to reduce any
market
impact and can avoid concerns about whether they had material, non-public
information when they sold their stock.
Under
his
Rule 10b5-1 Plan, Mr. Cinnamon contemplates selling up to 700,000 shares
of
common stock over the course of the next year. The contemplated sales would
constitute approximately 8% of Mr. Cinnamons' current holdings of common
stock
and options. If Mr. Cinnamon completes all the planned sales of shares under
his
Rule 10b5-1 Plan, he will beneficially own over 7.6 million shares and stock
options in Akeena Solar.
The
transactions under this Rule 10b5-1 Plan will commence no earlier than January
2008, and the actual sales will be disclosed publicly through Form 4 filings
with the Securities and Exchange Commission. The Form 4 filings will also
be
posted on Akeena's investor relations Web site.
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:
December 14, 2007
| |
|
|
| |
AKEENA
SOLAR, INC. |
|
|
|
|
|
By: |
/s/ Barry
Cinnamon |
| |
Barry
Cinnamon, |
| |
Chief
Executive Officer
|