Pineapple Energy Announces 1-for-15 Reverse Stock Split Effective June 12, 2024
June 10 2024 - 7:00AM
Pineapple Energy Inc. (the “Company”) (NASDAQ: PEGY) announced
today that effective at 12:01 a.m. Central Time on June 12, 2024,
the Company will implement a 1-for-15 reverse stock split of its
outstanding common stock. The Company’s common stock will continue
to trade under the symbol “PEGY” and it is expected to open for
trading on Nasdaq on June 12, 2024 on a post-split basis.
The reverse stock split is primarily intended to increase the
market price per share of the Company’s common stock to regain
compliance with the continued listing requirements of The Nasdaq
Capital Market. The Company intends to continue to pursue
additional actions to satisfy the exchange’s other continued
listing requirements.
Upon the effectiveness of the reverse stock split, every 15
shares of issued and outstanding Company common stock at the close
of business on June 11, 2024 will be automatically combined into
one issued and outstanding share of common stock, with no change in
par value per share. Proportionate adjustments will be made to the
conversion and exercise prices of the Company’s outstanding stock
purchase warrants, stock options, and to the number of shares
issued and issuable under the Company’s equity incentive plans.
The reverse stock split proportionally reduces the number of
shares of the Company’s authorized common stock from 112,500,000 to
7,500,000. No fractional shares will be issued as a result of the
reverse stock split. Any fractional shares that would have resulted
from the reverse stock split will be settled in cash. The
reverse stock split will affect all common shareholders uniformly
and will not alter any shareholder’s percentage interest in the
Company’s common stock, except to the extent that the reverse stock
split results in some shareholders experiencing an adjustment of a
fractional share as described above.
Shareholders holding share certificates will receive information
from EQ Shareowner Services, the Company’s transfer agent,
regarding the process for exchanging their shares of common stock.
Shareholders with questions may contact the Company’s transfer
agent by calling 800-401-1957.
About Pineapple EnergyPineapple is focused on
growing leading local and regional solar, storage, and energy
services companies nationwide. Our vision is to power the energy
transition through grass-roots growth of solar electricity paired
with battery storage. Our portfolio of brands (SUNation, Hawaii
Energy Connection, E-Gear, Sungevity, and Horizon Solar Power)
provide homeowners and small businesses with an end-to-end product
offering spanning solar, battery storage, and grid services.
Forward Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on the Company’s current
expectations or beliefs and are subject to uncertainty and changes
in circumstances, including the Company’s expectations regarding
its ability to effect the reverse stock split and regain compliance
with Nasdaq’s continued listing standards. While the Company
believes its plans, intentions, and expectations reflected in those
forward-looking statements are reasonable, these plans, intentions,
or expectations may not be achieved. For information about the
factors that could cause such differences, please refer to the
Company’s filings with the Securities and Exchange Commission,
including, without limitation, the statements made under the
heading “Risk Factors” in the Company's Annual Report on Form 10-K
for the year ended December 31, 2023 and in subsequent filings. The
Company does not undertake any obligation to update or revise these
forward-looking statements for any reason, except as required by
law.
Contacts: |
Scott MaskinInterim Chief
Executive Officer+1 (631)
823-7131scott.maskin@pineappleenergy.comEric IngvaldsonChief
Financial Officer+1 (952)
996-1674Eric.Ingvaldson@pineappleenergy.comPineapple Investor
Relations+1 (952) 996-1674IR@pineappleenergy.com |
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