Pineapple Energy Announces Corporate Name Change to SUNation Energy, Inc., and New Ticker Symbol

Rhea-AI Summary

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.

Insights

Financial Analyst

This corporate name change and redomestication to Delaware represents a strategic rebranding effort but has minimal direct financial impact on operations or investor value. The move to Delaware is a common corporate strategy, as the state offers well-established corporate laws and potential tax benefits. However, the timing of this change, coinciding with the adoption of the SUNation brand, suggests a broader strategic shift in the company's market positioning.

The retention of the same CUSIP number ensures continuity for existing shareholders and prevents any trading disruptions. While the new ticker symbol "SUNE" may improve brand recognition in the solar energy sector, these administrative changes alone don't materially affect the company's financial performance or market position.

New Ticker Symbol “SUNE” Effective November 19TH, 2024

Reincorporation to Delaware Effective November 14TH, 2024

RONKONKOMA, N.Y., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (Nasdaq: PEGY) (Pineapple Energy) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, today announced that it has begun the effectuation of the change to its corporate name to SUNation Energy, Inc. (“SUNation”) by filing its Certificate of Incorporation with the Secretary of State of Delaware under our new name, and that the Company will begin trading on Nasdaq under the trading symbol “SUNE” on November 19^th, 2024. 

In connection with the corporate name change, Company branding, including the corporate website, will be updated accordingly.

The Company also announced that, effective November 14^th, 2024, it had completed its redomestication and change in legal state of incorporation to Delaware from Minnesota by the filing of the necessary plans of conversion and certificate of incorporation forms with the respective Secretary of State offices in Minnesota and Delaware.

No action is required by existing stockholders with respect to the changes to Company’s corporate name, new stock ticker, or re-domestication. In this same vein, as confirmed to us by the Committee on Uniform Securities Identification Procedures (CUSIP), our CUSIP number assigned to the Company's common stock will remain unchanged.

The corporate name change and redomestication were previously approved by the Company’s board of directors and subsequently approved by the shareholders of the Company at a Special Meeting of Shareholders held on November 4, 2024. 

About Pineapple Energy/SUNation Energy, Inc.
Pineapple, recently renamed SUNation Energy, Inc., 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) 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.

Safe Harbor Statement
Our prospects here at SUNation Energy, Inc. are subject to uncertainties and risks. This news release (video statement) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company's filings with the SEC which can be found on the SEC's website at www.sec.gov.

Contacts:

Scott Maskin Interim Chief Executive Officer +1 (631) 823-7131 scott.maskin@pineappleenergy.com SUNation Energy, Inc. Investor Relations +1 (952) 996-1674 IR@pineappleenergy.com

FAQ

When will Pineapple Energy (PEGY) change its ticker symbol to SUNE?

Pineapple Energy's ticker symbol will change from PEGY to SUNE effective November 19th, 2024.

What is Pineapple Energy's (PEGY) new company name?

Pineapple Energy is changing its name to SUNation Energy, Inc.

When did Pineapple Energy (PEGY) shareholders approve the name change?

Shareholders approved the name change and redomestication at a Special Meeting held on November 4th, 2024.

Do Pineapple Energy (PEGY) shareholders need to take any action regarding the name change?

No action is required from existing stockholders regarding the corporate name change, new ticker symbol, or redomestication.