Pineapple Energy Stock Price, News & Analysis

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.

Pineapple Energy announced a 1-for-15 reverse stock split effective June 12, 2024. The stock will continue trading under the symbol PEGY on Nasdaq. The split aims to increase the stock price to meet Nasdaq's listing requirements. Every 15 shares will be consolidated into one share, reducing authorized shares from 112,500,000 to 7,500,000. No fractional shares will be issued; any resulting fractions will be settled in cash. The reverse split affects all common shareholders uniformly, without changing their percentage ownership. Shareholders will receive details from EQ Shareowner Services for exchanging their shares.

SUNation Energy, a subsidiary of Pineapple Energy, has been awarded Platinum Status by the New York State Energy Research and Development Authority (NYSERDA). This prestigious recognition is granted to companies that have consistently met stringent quality benchmarks in solar installations for six consecutive years. SUNation is one of only five companies in New York State to achieve this distinction and the only one on Long Island. This accolade underscores SUNation's commitment to high-quality solar installations amidst a competitive industry with over 750 operational solar companies statewide.