PowerBank Corporation filed a shelf registration covering up to $200,000,000 aggregate initial offering price of common shares, preferred shares, debt securities, warrants, units and subscription receipts. It may offer these securities in one or more offerings during the 36-month effectiveness period; sales may begin only after effectiveness, with terms set in prospectus supplements. Unless a supplement states otherwise, proceeds are intended for working capital, general corporate purposes and business objectives.
PowerBank disclosed a material uncertainty that raises substantial doubt about its ability to continue as a going concern. Existing liquidity and forecast internally generated cash flows are insufficient to fund operations and obligations for at least the next 12 months. It requires additional financing and has no binding commitments sufficient to meet all forecast liquidity needs; management is pursuing equity financing, debt refinancing, project financing and asset monetization.
Nasdaq granted an additional 180-day period through March 28, 2027, to regain minimum bid-price compliance. Regaining compliance requires a closing bid price of at least US$1.00 per share for a minimum of 10 consecutive business days; common shares continue trading on the Nasdaq Capital Market. PowerBank terminated its February 2026 at-the-market program on September 30, 2026.
PowerBank Corporation (PBK) completed a CA$25.4 million project-level refinancing, reducing outstanding project loan principal by approximately CA$4.2 million, or 14%. The new facility replaces approximately CA$29.6 million in outstanding principal and consolidates 50 credit agreements across three lenders into one agreement with a major Canadian bank. It covers 53 operating solar projects held across 14 project companies, with borrowings remaining at the project-owning subsidiary level.
The transaction is expected to release approximately CA$5.0 million in net cash after PowerBank’s closing contribution, reserve-account funding and closing costs. It included an approximately CA$1.5 million closing contribution; approximately CA$5.9 million in existing reserve and lockbox funds are expected to be released, and approximately CA$543,000 was received from unwinding swaps associated with 45 existing loans. PowerBank will assume operations and maintenance for 49 projects and expects lower project-level operating costs. Cash releases and cost reductions remain subject to stated risks, including account-release requirements and interest and hedging costs.
PowerBank Corporation is asking shareholders to approve a special resolution authorizing a possible consolidation of all issued and outstanding Common Shares at a board-selected ratio of one post-consolidation share for every 10 to 30 pre-consolidation shares. Approval would not itself trigger the consolidation: the board would decide whether to proceed and choose the whole-number ratio, subject to Cboe Canada acceptance. Any fractional shares would be canceled for no consideration.
The proposal relates to Nasdaq’s minimum bid-price requirement. PowerBank reported a closing price of US$0.2642 per Common Share on the September 23, 2026 record date, compared with the US$1.00 minimum. The company said Nasdaq’s notice cited closing bids below the minimum for 30 consecutive business days from February 19 through April 1, 2026. PowerBank applied to transfer to the Nasdaq Capital Market and requested an additional 180-calendar-day compliance period, through March 28, 2027, if granted; the company said eligibility and Nasdaq’s approval are not assured. The meeting is scheduled for October 29, 2026, and approval requires 66 2/3% of votes cast. The authorization would lapse by October 29, 2027, subject to the stated extension for an adjourned or postponed meeting.
PowerBank Corp (PBK) received an additional 180-day period, through March 28, 2027, to regain compliance with Nasdaq’s minimum bid price requirement. During that period, a closing bid price of at least US$1.00 per share for 10 consecutive business days would meet the stated price test; Nasdaq said it would then confirm compliance in writing. Nasdaq approved the transfer of the Common Shares from the Nasdaq Global Market to the Nasdaq Capital Market on September 30, 2026, effective October 1, 2026. The Common Shares will continue to be listed and traded on the Nasdaq Capital Market during the added period.
Effective October 2, 2026, certain directors, officers and consultants will establish an automatic securities disposition plan. Sales may include shares issued upon exercise or settlement of equity-based compensation arrangements or in settlement of fees, and will be handled by an independent broker under pre-set price and volume limits. Sales are authorized to begin on the later of 90 days after adoption or modification or two business days after disclosure of results for the fiscal quarter in which the plan was adopted or modified, not to exceed 120 days after adoption or modification.
PowerBank Corporation (PBK) announced the termination of its At-The-Market equity offering program, established in February 2026.
PowerBank describes its business as developing and owning renewable and clean energy projects, with a focus on distributed and community solar in Canada and the USA. It reports a potential development pipeline of almost one gigawatt and developed projects with a combined built capacity of over 100 megawatts.
PowerBank Corporation reported FY2026 revenue of C$27.410 million, compared with C$41.531 million in FY2025. Net loss narrowed to C$24.296 million from C$31.116 million, and cash used in operating activities was C$12.828 million versus C$17.260 million. Gross margin rose to 34.7% from 25.3%, while Adjusted EBITDA was a loss of C$3.514 million compared with a loss of C$846,000.
At June 30, 2026, PowerBank reported C$1.6 million of working capital and C$10.7 million in cash within C$40.9 million of current assets. Current liabilities were C$39.4 million at June 30, 2026, versus C$43.1 million at June 30, 2025. The company brought five projects into commercial operation, including the SFF 06 battery energy storage project in Ontario; its IPP portfolio generated C$9.8 million in production revenue. CEO Richard Lu said revenue declined as PowerBank shifted from selling projects toward owning them.
PowerBank Corporation (PBK) reported fiscal 2026 revenue of Cdn$27.410 million, compared with Cdn$41.531 million in fiscal 2025, as lower development-fee, EPC and O&M revenue outweighed higher IPP production. Net loss was Cdn$24.296 million, versus Cdn$31.116 million a year earlier; net cash used in operating activities was Cdn$12.828 million. The company describes a shift from development and EPC toward a model with more owned IPP and BESS assets.
At June 30, 2026, cash was Cdn$10.730 million and working capital was Cdn$1.578 million. Management says existing liquidity and forecast internally generated cash flows are insufficient to fund operations and obligations for at least the next 12 months. It has not obtained binding commitments sufficient to meet all forecast liquidity needs and is pursuing equity financing, debt refinancing, project financing and asset monetization.
On July 1, 2026, PowerBank closed a registered direct offering of 7,000,000 common shares to two institutional investors; U.S.$4.2 million was funded upon closing before fees and estimated expenses. Net proceeds are intended for its independent power producer project portfolio, working capital and general corporate purposes.
PowerBank Corporation reported FY2026 revenue of C$27.4 million, down 34% from C$41.5 million, as development-fee and EPC revenue fell; IPP production revenue rose to C$9.8 million from C$9.3 million. Net loss narrowed to C$24.3 million from C$31.1 million. At June 30, 2026, total assets were C$133.5 million and long-term debt was C$65.4 million.
Four solar projects and the SFF 06 battery storage project reached commercial operation during the year. Sale agreements for five projects were terminated: Solar Advocate exercised sell-back rights on three New York projects, requiring return of a US$4 million advance, and US$2.35 million tied to Gainesville and Highway 28 is also due back.
On July 1, 2026, PowerBank closed an offering of 7,000,000 common shares that funded US$4.2 million before fees and expenses. At year-end, US$2.7 million was drawn under a NY Green Bank facility of up to US$8 million. Nasdaq notified the company that its bid price had remained below US$1.00 for 30 consecutive business days, with an initial compliance period through September 29, 2026. Construction of Ontario’s 903 and OZ-1 battery projects remains subject to permits; OZ-1’s supply and service agreements were terminated.
PowerBank Corporation (PBK) announced it has been awarded a contract by the State University of New York at Oneonta, through a New York Power Authority solicitation, to develop and construct a 1.628 MW DC ground-mount solar project that PowerBank will own and operate after completion. The project is expected to be built behind the meter to supply power directly to campus facilities and represents the first MW-scale on-site solar array at SUNY Oneonta.
The project’s estimated construction value is $3.58 million USD and it is expected to qualify for approximately $1.4 million USD in U.S. federal Investment Tax Credits, supporting recurring energy revenue once operational. The installation is expected to generate enough energy to power the equivalent of about 205 homes annually and aligns with New York State goals for greenhouse gas reduction and distributed solar growth. PowerBank highlights more than 100 MW of completed projects and a development pipeline exceeding 1 GW as support for its execution capabilities.
PowerBank Corporation (PBK) announced a fee-for-service development agreement with 1001634281 Ontario Inc., linked to the Electric Vehicle & Green Energy Advancement Association Canada, to pursue a battery energy storage project under the IESO Long-Term 2 (c-2) capacity procurement in Ontario. If an LT2(c-2) contract is awarded, PowerBank will advance the project to the notice-to-proceed stage and holds a right of first refusal to serve as Engineering, Procurement and Construction provider. PowerBank will also help evaluate a potential 18 MW Battery Energy Storage System in Hamilton, Ontario.
Separately, PowerBank entered debt settlement agreements covering $1,396,717 of legal-fee debt. It plans to settle $817,332 of this amount by issuing about 1,297,352 common shares at a deemed price of $0.63 per share, with the remaining debt payable in cash upon completion of certain project debt transactions. The new shares will be subject to a statutory four month and one day hold period and require regulatory and Cboe Canada Exchange Inc. approvals.