Pineapple Energy Announces Payment to CVR Holders of $1.25 per CVR
September 18 2023 - 3:01PM
Pursuant to the merger of Communications Systems Inc. (CSI) and
Pineapple Energy, Inc., which was completed on March 28, 2022, CSI
shareholders of record at the close of business on March 25, 2022
(the “CVR Holders”) received one contractual, non-transferable
contingent value right (“CVR”) per share of CSI common stock. Each
CVR represents the right to receive a pro rata portion of proceeds
available from the disposition of CSI’s premerger assets during the
24-month period following the effective time of the merger.
Today Pineapple announced it will make a further payment of
proceeds from CSI’s premerger assets of $1.25 per CVR. This payment
of $1.25 per CVR is not a taxable event. Please refer to
Pineapple’s IRS Form 8937 posted at
https://ir.pineappleenergy.com/financial-information/cvr and
Pineapple’s March 29, 2023 Form 8-K Report providing “Important
Information for Holders of Contingent Value Rights” which is posted
at
https://ir.pineappleenergy.com/sec-filings/all-sec-filings/content/0000897101-23-000130/pegy230377_8k.htm
for more information.
We expect that the $1.25 per CVR payment to the CVR Holders will
commence by September 29, 2023.
Contacts:
Pineapple EnergyKyle UdsethChief Executive Officer+1 (952)
996-1674Kyle.Udseth@pineappleenergy.com
Eric IngvaldsonChief Financial Officer+1 (952)
582-6417Eric.Ingvaldson@pineappleenergy.com
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