Solar Integrated Roofing Announces Withdrawal of Form 10 Registration Statement

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK:SIRC) has announced the withdrawal of its Form 10 registration statement due to incomplete audits of recent acquisitions. The board determined that without these audits, the filing could not be effective. The company aims to finalize the audits of acquired entities and refile the Form 10 once updated financials are ready. Concurrently, SIRC is pursuing an uplist to the OTCQB Venture Market, which is expected to enhance liquidity and visibility for shareholders.

Positive

• Pursuit of uplist to OTCQB Venture Market expected to enhance liquidity and capital markets visibility.
• Strategic decision to conduct necessary audits will ensure compliance and transparency in financial reporting.

Negative

• Withdrawal of Form 10 registration statement indicates delays in financial reporting.
• Inability to complete audits of recent acquisitions raises concerns about financial stability.

Company Concurrently Pursuing Anticipated Uplist to OTCQB Venture Market

EL CAJON, CA / ACCESSWIRE / April 30, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced that it has submitted to the U.S. Securities and Exchange Commission (the "SEC") a request to withdraw the Company's registration statement on Form 10 as filed with the SEC on March 11, 2021 (the "Form 10").

The Company is withdrawing the Registration Statement because the Company's board of directors has determined that audits of recent acquisitions cannot be completed before the Form 10 is deemed effective. Therefore, the Company has made a strategic decision to finalize pending acquisitions, perform necessary audits of the acquired entities and then refile Form 10 with the updated audited financial information as soon as is practicable.

"Our rapid pace of acquisitions to grow the Company have necessitated audited financials of each of the recently acquired entities, at which point we can refile our Form 10 with the SEC," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. "Concurrent with this, the Company will proceed with pursuing an anticipated uplist to the OTCQB Venture Market tier of the OTC Markets Group quotation system. We believe this will provide enhanced liquidity and capital markets visibility for our common stock, helping to create sustainable, long-term value for our shareholders."

About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.

Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

SOURCE: Solar Integrated Roof Corp.

View source version on accesswire.com:
https://www.accesswire.com/643454/Solar-Integrated-Roofing-Announces-Withdrawal-of-Form-10-Registration-Statement

FAQ

What does the withdrawal of the Form 10 registration statement mean for SIRC?

The withdrawal indicates delays in financial reporting due to incomplete audits of recent acquisitions.

Why is SIRC pursuing an uplist to the OTCQB Venture Market?

SIRC aims for the uplist to enhance liquidity and visibility in capital markets for its common stock.

What factors led to the withdrawal of the Form 10 by SIRC?

The company's board determined that it cannot complete the required audits of recent acquisitions before the Form 10 is effective.

When does SIRC plan to refile the Form 10 registration statement?

SIRC plans to refile the Form 10 as soon as the necessary audits and financial updates are completed.