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.
Pineapple Energy Inc. (Nasdaq: PEGY) announced its corporate name change to SUNation Energy, Inc. and new ticker symbol SUNE, effective November 19th, 2024. The company completed its redomestication from Minnesota to Delaware on November 14th, 2024. These changes were approved by shareholders at a Special Meeting on November 4th, 2024. The company's CUSIP number will remain unchanged, and no action is required from existing stockholders. Company branding, including the corporate website, will be updated to reflect these changes.
Pineapple Energy (Nasdaq: PEGY) has regained compliance with Nasdaq Capital Market's minimum share price requirement, as its closing bid price remained above $1.00 per share for at least 10 consecutive trading days. The scheduled hearing before the Nasdaq Hearings Panel for November 21, 2024, has been cancelled, and the company's securities will continue to be listed and traded on The Nasdaq Stock Market. Interim CEO Scott Maskin described this as an important milestone in addressing past issues and positioning the company for sustainable success.
Pineapple Energy (Nasdaq: PEGY) announced its corporate name change to SUNation Energy following overwhelming shareholder approval at a Special Meeting held on November 4, 2024. Shareholders also approved the company's redomestication from Minnesota to Delaware. The effective date for these changes will be announced soon.
Interim CEO Scott Maskin emphasized that the new name leverages the company's 20-plus years of brand equity and better reflects their identity as a provider of solar energy solutions, including residential and commercial installations, engineering, and aftermarket support.
Pineapple Energy (Nasdaq: PEGY) announced a distribution of $850,269 ($0.35 per CVR) to holders of its non-transferable Contingent Value Rights (CVRs). The distribution stems from the March 2022 merger between Communications Systems Inc. (CSI) and Pineapple, where CSI shareholders received one CVR per share. The payment represents proceeds from CSI's premerger assets disposition and is expected to commence by November 15, 2024. Additionally, a nominal amount will be paid to the Pineapple Energy Employee Stock Ownership Plan (ESOP) to facilitate its termination in 2024.
Pineapple Energy (Nasdaq: PEGY) has announced a virtual Fireside Chat scheduled for November 14th, 2024, at 10:00 AM ET. Interim CEO Scott Maskin will lead the discussion, moderated by Jefferies' Managing Director Julien Dumoulin-Smith. The event will cover recent developments, business overview, industry insights, and strategies for enhancing shareholder value.
Shareholders can submit questions until November 13th, 5:00 PM ET via email to ir@pineappleenergy.com. The chat will be accessible through Pineapple's website. Moderator Dumoulin-Smith is a top-ranked analyst in Utilities & Alternative/Clean Energy and an Institutional Investor Hall of Fame inductee.
SUNation, a subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has announced a strategic partnership with Radial Power to expand renewable energy solutions. The collaboration aims to leverage both companies' expertise in delivering innovative renewable energy solutions, particularly in the commercial and industrial sector. This partnership represents SUNation's strategic expansion beyond its traditional New York market. Radial Power's CEO highlighted the opportunities created by the Investment Recovery Act and mentioned their internal pipeline of hundreds of megawatts, expressing confidence in SUNation's growth potential alongside their execution of these projects.
SUNation, a subsidiary of Pineapple Energy (Nasdaq: PEGY), has completed foundational engineering work for an 8.46 MW commercial solar project series on Long Island valued at $11 million. The work was performed under an exclusive Letter of Intent for the engineering portion. SUNation is currently finalizing contract details for the installation of photovoltaic modules and racking systems across various sites. The non-binding project is expected to begin construction in 2025, subject to normal closing conditions. The company notes a trend toward bundled site packages rather than individual structure projects.
Pineapple Energy Inc. (Nasdaq: PEGY) has announced two new commercial solar installation contracts on Long Island, set to begin in November 2024. The projects, located in the arts & entertainment and consumer retail sectors, will generate a total of 87 kW of clean energy using 176 rooftop modules.
Interim CEO Scott Maskin highlighted the growing demand for commercial and industrial renewable energy solutions, citing increasing energy prices as a key driver. The company expects these projects to contribute to a marked improvement in the second half of 2024, particularly in the commercial segment, compared to the first six months of the year.
John Mucci, SUNation's General Manager of NY Operations, emphasized that these new contracts validate the company's previous statements about an uptick in commercial and industrial business, reflecting a robust project pipeline and diverse opportunities.
Pineapple Energy Inc. (NASDAQ: PEGY), a leading sustainable solar energy and backup power provider, has terminated the operating lease for its former corporate office in Minnetonka, Minnesota. This strategic move is expected to generate total savings of approximately $480,000. The lease, originally set to expire in 2027, was costing the company about $17,500 per month or $210,000 annually in rent.
While there is a one-time buyout fee associated with the termination, Pineapple Energy will spread this payment over the next 14 months. Interim CEO Scott Maskin stated that this decision aligns with the company's ongoing cost reduction initiatives and efforts to centralize operations in their primary markets of Long Island, NY and Hawaii. Maskin emphasized that this move is part of their strategy to align cost structure and deliver long-term value to shareholders.
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
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