Pineapple Energy Announces Payment to CVR Holders of $1.25 per CVR
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MINNETONKA, Minn., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Pursuant to the merger of Communications Systems Inc. (CSI) and Pineapple Energy, Inc., which was completed on March 28, 2022, CSI shareholders of record at the close of business on March 25, 2022 (the “CVR Holders”) received one contractual, non-transferable contingent value right (“CVR”) per share of CSI common stock. Each CVR represents the right to receive a pro rata portion of proceeds available from the disposition of CSI’s premerger assets during the 24-month period following the effective time of the merger.
Today Pineapple announced it will make a further payment of proceeds from CSI’s premerger assets of
We expect that the
Contacts:
Pineapple Energy
Kyle Udseth
Chief Executive Officer
+1 (952) 996-1674
Kyle.Udseth@pineappleenergy.com
Eric Ingvaldson
Chief Financial Officer
+1 (952) 582-6417
Eric.Ingvaldson@pineappleenergy.com