Welcome to our dedicated page for Pineapple Energy news (Ticker: PEGY), a resource for investors and traders seeking the latest updates and insights on Pineapple Energy stock.
Pineapple Energy Inc. (NASDAQ: PEGY) is a leading provider of sustainable solar energy solutions, dedicated to empowering households and small businesses with renewable power. Specializing in the end-to-end installation of residential solar energy systems, Pineapple Energy offers comprehensive services including design, engineering, procurement, permitting, construction, grid connection, warranty, monitoring, and maintenance. Additionally, the company provides battery storage solutions in select markets, ensuring backup power and energy security.
Pineapple Energy’s portfolio boasts several key brands such as SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. These subsidiaries enhance its market presence by delivering high-quality products and services spanning solar energy, battery storage, and grid services. Notably, SUNation Energy received Platinum Status from NYSERDA, becoming one of only five companies in New York to achieve this distinction.
The company is actively involved in national efforts to expand solar accessibility. Through initiatives like the EPA's Solar for All grant competition, Pineapple Energy contributes to bringing solar energy to underserved and low-income communities.
Financially, Pineapple Energy reported $13.2 million in revenue for the first quarter of 2024, despite facing challenging market conditions. The company showed resilience by maintaining strong sales performance and actively managing overhead expenses. However, the quarter did see a net loss attributable to common shareholders amounting to $10.1 million. Management is focused on optimizing operations and exploring acquisition opportunities to foster growth.
In recent corporate developments, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements. Furthermore, Scott Maskin, founder of SUNation Energy, has been appointed as Interim CEO following the resignation of Kyle Udseth.
Pineapple Energy continues to champion the transition to renewable energy across the United States by nurturing grassroots growth in solar electricity paired with battery storage. Their mission remains steadfast: to provide sustainable and cost-effective energy solutions while driving innovation and growth within the renewable energy sector.
SUNation, a subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has been named the top solar and storage installer in New York by Solar Power World. In 2023, SUNation installed five times more battery storage capacity than its local competitors. Scott Maskin, Interim CEO of Pineapple Energy, praised the team's efforts in helping New York State reduce its carbon footprint.
John Mucci, SUNation's General Manager of NY Operations, emphasized the importance of battery storage in residential installations, especially with the gradual introduction of time-of-use rates. Kelly Pickerel, editor-in-chief of Solar Power World, highlighted the increasing complexity of solar projects and commended top installation companies for their strong performance.
SUNation's battery installations in 2024 are trending upward from the previous year's high, indicating the growing significance of batteries in the renewable energy landscape.
Pineapple Energy Inc. (NASDAQ: PEGY), a leading provider of sustainable solar energy and back-up power solutions, has successfully regained compliance with NASDAQ's Bid Price Rule (Listing Rule 5550(a)(2)). This rule requires companies to maintain a stock price consistently above $1.00 US. Scott Maskin, Pineapple's interim CEO, emphasized that ensuring bid price compliance has been a top priority for the management team.
The company's leadership has been focused on implementing strategies aimed at restoring shareholder equity and demonstrating the value of Pineapple Energy. This development is seen as a positive step, reflecting the management's efforts to enhance transparency and open communication with stakeholders.
Pineapple Energy (Nasdaq: PEGY) has formalized an agreement with Conduit Capital to provide structural support and assist with capital-raising activities. Conduit Capital will supply industry-specific experts, including Robert Zulkoski, Andy Childs, and Melissa Obegi, known for successful capital raises and corporate restructuring. CFO Eric Ingvaldson has resigned, effective August 30, 2024.
Conduit Capital's team has been collaborating with Pineapple's new senior management, led by Interim CEO Scott Maskin and Jim Brennan. Additionally, following the resignations of Board Members Randall D. Sampson and Marilyn S. Alder, Kevin O’Connor and Henry B. Howard will be joining the Board. O’Connor will chair the Audit Committee, while Howard will chair the Compensation Committee.
Pineapple Energy is urging shareholders to vote before July 19, 2024, to meet quorum requirements for their annual shareholder meeting. The initial virtual meeting on July 1, 2024, saw 45.6% voter participation, falling short of the 50.001% needed. Interim CEO Scott Maskin highlighted the positive response so far and emphasized the importance of each vote, even from those who have sold their shares. Maskin assured shareholders that meeting the quorum is important for restoring shareholder equity and encouraged contacting their proxy solicitor for assistance.
Pineapple Energy, a leader in sustainable solar energy and backup power for homes and small businesses, encourages shareholders to vote in the upcoming shareholders' meeting on July 1, 2024. The company emphasizes the importance of achieving a quorum to conduct essential business matters, including the election of directors and the ratification of the independent accounting firm. Voting is open until 11:59 p.m. ET on June 30, 2024, and is important for the company's Nasdaq listing.
Shareholders of record as of May 23, 2024, can vote by following instructions received via email or mail. If materials are missing, contact your brokerage firm or Pineapple Energy's proxy solicitor. Voting can be done through proxyvote.com, by phone, or via specific instructions for users of Interactive Brokers or Robinhood.
SUNation Energy, a subsidiary of Pineapple Energy, announced a partnership to install a custom solar system at the National Training Center of the Guide Dog Foundation and America’s VetDogs in Smithtown, NY.
The project, expected to start in July 2024, aims to reduce operating expenses for the nonprofits, allowing more funds to be directed towards their services. This initiative is primarily supported by a donation from Contract Pharmacal and federal Investment Recovery Act funding.
Scott Maskin, Interim CEO of Pineapple and Founder of SUNation, highlighted the importance of this project, noting the nonprofits' high ratings for financial stewardship and the critical services they provide to individuals with disabilities, veterans, and first responders.
SUNation Energy, a subsidiary of Pineapple Energy, has exceeded its projected goal by executing over $15 million in commercial and industrial sales contracts. This milestone was achieved ahead of schedule for 2023. The demand for solar installations has surged, partly due to favorable policies from the Inflation Reduction Act passed in August 2022. SUNation's project pipeline now stands at over $65 million, with a focus on maintaining high-quality standards by limiting projects to their geographic region. Interim CEO Scott Maskin and General Manager John Mucci attribute this success to the team's expertise and safety record, attracting numerous national developers.
Scott Maskin, the Interim CEO of Pineapple Energy, has purchased additional shares in the company, signaling his confidence in its long-term growth. Since taking the helm last month, Maskin has prioritized trimming corporate expenses and maintaining open communication with shareholders. Maskin emphasizes his belief in the company's mission and workforce, expressing that he is committed to the company's future success. He encourages other leaders to follow his example and invites shareholders to contact him directly with their questions.
Pineapple Energy's subsidiary, SUNation Energy, has made significant progress in renewable energy projects for the Shinnecock Nation. The company has completed two of three planned projects, which include bringing the local elementary school to 100% electric usage offset and supporting five new homes with solar and hydrogen fuel cell power. The third project, a $2.5 million community solar array, is in its final design phase and pending grant funding. Upon completion, this project will provide solar power to various buildings and residences within the 800-acre reservation. The solar panels for these projects were donated to the Shinnecock Reservation.
Pineapple Energy is investigating potential deliberate short selling of its stock.
The company has engaged Shareholder Intelligence Services (ShareIntel) for this purpose.
ShareIntel will provide detailed shareholder data, analyze trading patterns, and identify anomalies suggesting illegal naked short selling through its DRIL-Down™ platform.
This investigation aims to ensure fairness in trading and compliance with SEC and FINRA regulations.
Interim CEO Scott Maskin emphasizes the importance of maximizing shareholder benefits and mitigating illegal trading activities.
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