STOCK TITAN

Pineapple Energy Announces Previously Approved Reverse Stock Split, Effective October 17, 2024

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)

Pineapple Energy Inc. (NASDAQ: PEGY) has announced a 1-for-50 reverse stock split of its outstanding common stock, effective October 17, 2024. This decision, approved by stockholders on July 19, 2024, aims to increase the market price per share to regain compliance with Nasdaq's minimum bid price requirements. The stock will continue trading under the symbol 'PEGY' with a new CUSIP number: 72303P404.

Key points:

  • Every 50 shares will be combined into one share
  • Authorized common stock reduced from 133,333,333 to 2,666,667
  • Adjustments made to conversion and exercise prices of outstanding securities
  • No fractional shares issued; settled in cash
  • Shareholders with electronic holdings need not take action
  • Physical certificate holders will receive information from EQ Shareowner Services

Pineapple Energy Inc. (NASDAQ: PEGY) ha annunciato un raggruppamento azionario 1-per-50 delle sue azioni ordinarie in circolazione, effettivo dal 17 ottobre 2024. Questa decisione, approvata dagli azionisti il 19 luglio 2024, ha l'obiettivo di aumentare il prezzo di mercato per azione per riconquistare la conformità ai requisiti di prezzo minimo di offerta di Nasdaq. Le azioni continueranno a essere scambiate con il simbolo 'PEGY' e un nuovo numero CUSIP: 72303P404.

Punti chiave:

  • Ogni 50 azioni saranno unite in un'azione
  • Il numero massimo di azioni ordinarie autorizzate ridotto da 133.333.333 a 2.666.667
  • Regolazioni effettuate ai prezzi di conversione e di esercizio dei titoli in circolazione
  • Nessuna azione frazionaria verrà emessa; liquidata in contanti
  • Gli azionisti con partecipazioni elettroniche non devono intraprendere azioni
  • I possessori di certificati fisici riceveranno informazioni da EQ Shareowner Services

Pineapple Energy Inc. (NASDAQ: PEGY) ha anunciado un dividendo de acciones 1 por 50 de sus acciones ordinarias en circulación, que será efectivo el 17 de octubre de 2024. Esta decisión, aprobada por los accionistas el 19 de julio de 2024, tiene como objetivo aumentar el precio de mercado por acción para volver a cumplir con los requisitos de precio mínimo de oferta de Nasdaq. Las acciones seguirán cotizando bajo el símbolo 'PEGY' con un nuevo número CUSIP: 72303P404.

Puntos clave:

  • Cada 50 acciones se combinarán en una acción
  • El número de acciones ordinarias autorizadas se reduce de 133.333.333 a 2.666.667
  • Ajustes realizados a los precios de conversión y ejercicio de los valores en circulación
  • No se emitirán acciones fraccionarias; se liquidarán en efectivo
  • Los accionistas con tenencias electrónicas no necesitan tomar ninguna acción
  • Los tenedores de certificados físicos recibirán información de EQ Shareowner Services

파인애플 에너지 주식회사(Pineapple Energy Inc.)(NASDAQ: PEGY)는 1대 50의 자사주 매입을 발표했습니다. 이는 2024년 10월 17일부터 시행됩니다. 2024년 7월 19일 주주들의 승인을 받은 이 결정은 주당 시장 가격을 상승시키기 위해서 나스닥의 최소 입찰가 요구 사항을 다시 충족하기 위해 이루어졌습니다. 주식은 'PEGY' 기호로 계속 거래되며 새로운 CUSIP 번호는 72303P404입니다.

주요 사항:

  • 50주가 1주로 합쳐집니다
  • 허가된 보통주가 133,333,333주에서 2,666,667주로 줄어듭니다
  • 발행된 증권의 전환 및 행사 가격에 조정이 이루어집니다
  • 분할주식은 발행되지 않으며 현금으로 정산됩니다
  • 전자 보유 주주들은 아무 조치도 취할 필요가 없습니다
  • 실물 증서 보유자들은 EQ Shareowner Services로부터 정보를 받을 것입니다

Pineapple Energy Inc. (NASDAQ: PEGY) a annoncé un reverse stock split de 1 pour 50 de ses actions ordinaires en circulation, qui entrera en vigueur le 17 octobre 2024. Cette décision, approuvée par les actionnaires le 19 juillet 2024, vise à augmenter le prix du marché par action pour retrouver la conformité avec les exigences de prix minimum de Nasdaq. Les actions continueront d'être échangées sous le symbole 'PEGY' avec un nouveau numéro CUSIP : 72303P404.

Points clés :

  • Cinquante actions seront regroupées en une seule action
  • Le nombre d'actions ordinaires autorisées est réduit de 133.333.333 à 2.666.667
  • Ajustements apportés aux prix de conversion et d'exercice des titres en circulation
  • Aucune action fractionnée ne sera émise; règlement en espèces
  • Les actionnaires avec des participations électroniques n'ont pas besoin de prendre de mesures
  • Les détenteurs de certificats physiques recevront des informations de EQ Shareowner Services

Pineapple Energy Inc. (NASDAQ: PEGY) hat einen 1-zu-50 Aktiensplit seiner ausstehenden Stammaktien angekündigt, der am 17. Oktober 2024 wirksam wird. Diese Entscheidung, die von den Aktionären am 19. Juli 2024 genehmigt wurde, zielt darauf ab, den Marktpreis pro Aktie zu erhöhen, um die Anforderungen von Nasdaq an den Mindestgebotskurs wieder zu erfüllen. Die Aktien werden weiterhin unter dem Symbol 'PEGY' gehandelt, mit einer neuen CUSIP-Nummer: 72303P404.

Wichtige Punkte:

  • Jede 50 Aktien werden zu einer Aktie zusammengelegt
  • Die genehmigte Stammaktienanzahl wird von 133.333.333 auf 2.666.667 verringert
  • Änderungen an den Umwandlungs- und Ausübungspreisen der ausgegebenen Wertpapiere wurden vorgenommen
  • Es werden keine Bruchteile von Aktien ausgegeben; Abwicklung erfolgt in bar
  • Aktionäre mit elektronischen Beständen müssen keine Maßnahmen ergreifen
  • Besitzer physischer Zertifikate erhalten Informationen von EQ Shareowner Services
Positive
  • Potential to regain compliance with Nasdaq's minimum bid price requirements
  • No change in par value per share
  • Proportionate adjustments to outstanding securities to maintain value
Negative
  • Reduction in total number of outstanding shares
  • Potential for fractional shares to be settled in cash, possibly resulting in small cash payouts to some shareholders
  • Risk of not achieving desired stock price increase despite the reverse split

Insights

The announced 1-for-50 reverse stock split is a significant move for Pineapple Energy, primarily aimed at regaining compliance with Nasdaq's minimum bid price requirements. This action is crucial for maintaining the company's listing status, which is vital for investor access and liquidity.

Key points to consider:

  • The split will reduce outstanding shares by a factor of 50, potentially boosting the stock price proportionally.
  • Authorized shares will decrease from 133,333,333 to 2,666,667, limiting future dilution potential.
  • Adjustments to warrants, options and convertible notes maintain proportional equity structures.
  • Cash settlements for fractional shares may lead to minor changes in some investors' holdings.

While reverse splits are often viewed negatively, they don't inherently change company value. However, they can signal financial distress or an attempt to attract institutional investors. The effectiveness of this move will depend on Pineapple Energy's underlying business performance and market perception post-split.

This reverse stock split reflects Pineapple Energy's strategic attempt to address its low share price, which is likely impacting investor perception and institutional participation. Some key market implications include:

  • Potential for increased institutional investor interest due to higher share price, as many have minimum price thresholds.
  • Possible short-term volatility as the market adjusts to the new share structure.
  • Risk of negative market sentiment, as reverse splits are often associated with struggling companies.
  • Improved marketability of the stock, potentially leading to better liquidity if the higher price attracts more trading activity.

The success of this move hinges on the company's ability to demonstrate improved fundamentals and growth prospects. Investors should closely monitor post-split trading patterns and any changes in analyst coverage or institutional holdings as indicators of the split's effectiveness in achieving its goals.

RONKONKOMA, N.Y., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (the “Company”) (NASDAQ: PEGY) announced today that effective at 12:01 a.m. Central Time on October 17, 2024, the Company will implement a 1-for-50 reverse stock split of its outstanding common stock, which is within the range approved by stockholders at the annual meeting of the Company's shareholders held on July 19, 2024. The Company’s common stock will continue to trade under the symbol “PEGY” and it is expected to open for trading on Nasdaq on October 17, 2024 on a post-split basis. The new CUSIP number for the common stock following the reverse stock split will be 72303P404.

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 minimum bid price required for continued listing on The Nasdaq Capital Market.

Upon the effectiveness of the reverse stock split, every 50 shares of issued and outstanding Company common stock at the close of business on October 16, 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, convertible notes 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 133,333,333 to 2,666,667. 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 their shares electronically in book-entry form are not required to take any action to receive the post-split shares. Shareholders holding physical 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 Energy
Pineapple 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 businesses of all sizes 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 Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
scott.maskin@pineappleenergy.com

Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com
 

FAQ

When will Pineapple Energy's (PEGY) 1-for-50 reverse stock split take effect?

Pineapple Energy's 1-for-50 reverse stock split will take effect at 12:01 a.m. Central Time on October 17, 2024.

What is the main reason for Pineapple Energy (PEGY) implementing a reverse stock split?

The primary reason for the reverse stock split is to increase the market price per share of Pineapple Energy's common stock to regain compliance with the minimum bid price required for continued listing on The Nasdaq Capital Market.

How will the reverse split affect Pineapple Energy's (PEGY) authorized common stock?

The reverse split will proportionally reduce the number of Pineapple Energy's authorized common stock from 133,333,333 to 2,666,667 shares.

What happens to fractional shares resulting from Pineapple Energy's (PEGY) reverse stock split?

Any fractional shares that would have resulted from the reverse stock split will be settled in cash.

Pineapple Energy Inc.

NASDAQ:PEGY

PEGY Rankings

PEGY Latest News

PEGY Stock Data

991.24k
1.35M
3.58%
0.23%
1.82%
Solar
Telephone & Telegraph Apparatus
Link
United States of America
MINNETONKA