Pineapple Energy Announces Distribution to Contingent Value Rights Holders
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) ha annunciato una distribuzione di $850.269 ($0,35 per CVR) agli attuali possessori dei suoi Diritti di Valore Contingente non trasferibili (CVR). La distribuzione deriva dalla fusione di marzo 2022 tra Communications Systems Inc. (CSI) e Pineapple, nella quale gli azionisti di CSI hanno ricevuto un CVR per ogni azione. Il pagamento rappresenta i proventi dalla vendita degli attivi pre-fusione di CSI e si prevede che inizi entro il 15 novembre 2024. Inoltre, un importo simbolico sarà versato al Piano di Proprietà Azionaria dei Dipendenti di Pineapple Energy (ESOP) per facilitare la sua cessazione nel 2024.
Pineapple Energy (Nasdaq: PEGY) anunció una distribución de $850,269 ($0.35 por CVR) a los titulares de sus Derechos de Valor Contingente no transferibles (CVR). La distribución proviene de la fusión de marzo de 2022 entre Communications Systems Inc. (CSI) y Pineapple, donde los accionistas de CSI recibieron un CVR por acción. El pago representa los ingresos de la disposición de activos anteriores a la fusión de CSI y se espera que comience el 15 de noviembre de 2024. Además, se pagará un monto nominal al Plan de Propiedad Accionaria para Empleados de Pineapple Energy (ESOP) para facilitar su terminación en 2024.
파인애플 에너지 (Nasdaq: PEGY)는 비양도성 우발 가치 권리(CVR) 보유자에게 $850,269 ($0.35 per CVR)을 분배한다고 발표했습니다. 이 분배는 2022년 3월 Communications Systems Inc. (CSI)와 파인애플 간에 이루어진 합병에서 발생하며, 이때 CSI의 주주들은 주식당 하나의 CVR을 받았습니다. 이번 지급은 CSI의 합병 전 자산 처분에서 발생한 수익을 나타내며, 2024년 11월 15일부터 시작될 것으로 예상됩니다. 또한, 파인애플 에너지 직원 재직 주식 소유 계획(ESOP)의 종료를 원활하게 하기 위해 명목 금액이 지급될 예정입니다.
Pineapple Energy (Nasdaq: PEGY) a annoncé une distribution de 850 269 $ (0,35 $ par CVR) aux détenteurs de ses droits de valeur contingente non transférables (CVR). Cette distribution provient de la fusion de mars 2022 entre Communications Systems Inc. (CSI) et Pineapple, où les actionnaires de CSI ont reçu un CVR par action. Le paiement représente les revenus de la cession des actifs de CSI avant la fusion et devrait commencer le 15 novembre 2024. De plus, un montant nominal sera versé au Plan d'Actionnariat Salarié (ESOP) de Pineapple Energy pour faciliter sa cessation en 2024.
Pineapple Energy (Nasdaq: PEGY) hat eine Ausschüttung von $850.269 ($0,35 pro CVR) an die Inhaber seiner nicht übertragbaren bedingten Wertrechte (CVRs) angekündigt. Diese Ausschüttung resultiert aus der Fusion im März 2022 zwischen Communications Systems Inc. (CSI) und Pineapple, bei der die CSI-Aktionäre ein CVR pro Aktie erhielten. Die Zahlung stellt die Erlöse aus der Veräußertung der Vorfusion-Aktiva von CSI dar und wird voraussichtlich am 15. November 2024 beginnen. Zusätzlich wird ein nomineller Betrag an den Mitarbeiterbeteiligungsplan (ESOP) von Pineapple Energy gezahlt, um dessen Beendigung im Jahr 2024 zu erleichtern.
- Distribution of $850,269 ($0.35 per CVR) to shareholders
- Company fulfilling merger-related financial obligations
- None.
Insights
This
- Shows financial health and ability to meet merger-related obligations
- Signals progress in asset disposition strategy
- Supports management's commitment to shareholder value
RONKONKOMA, N.Y., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (Nasdaq: PEGY) (“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 will distribute to the holders of its non-transferable Contingent Value Rights (“CVRs”) a payment of
“Since taking the helm, one of our top priorities has been honoring the trust of our investors. Making good on our commitments means meeting our obligations to CSI shareholders through these CVR distributions,” said Scott Maskin, Interim Chief Executive Officer. “Our new leadership team continues to author a new future for Pineapple Energy, with a focus on elevating our corporate governance, properly aligning our cost structure, creating a new corporate culture, and refining our strategy to most effectively and efficiently address the significant long-term market opportunities we believe exist in our industry.”
Pursuant to the merger of Communications Systems Inc. (CSI) and Pineapple, which was completed on March 28, 2022 (the “Merger”), CSI shareholders of record at the close of business on March 25, 2022 (the “CVR Holders”) received one contractual, non-transferable CVR per share of CSI common stock. Subject to the terms of the Contingent Value Rights Agreement dated March 25, 2022 and amended on March 27, 2024, which governs the rights of Pineapple and the CVR Holders, each CVR represents the right to receive a pro rata portion of net proceeds available from the disposition of CSI’s premerger assets following the Merger.
In addition to the distribution to all CVR Holders, a nominal amount (in addition to the
This payment of
We expect that the
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) 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 Pineapple Energy Inc. are subject to uncertainties and risks. This news release 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
Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com
FAQ
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