Sunworks (SUNW) Announces 3.3M Share Offering at $1/sh

Sunworks, Inc. (NASDAQ: SUNW) today announced that it has entered into a definitive agreement with a single ESG-focused institutional investor for the purchase and sale of 3,300,000 shares of the Company's common stock at a purchase price of $1.00 per share of common stock in a registered direct offering. The closing of the offering is expected to occur on or about August 11, 2023, subject to the satisfaction of customary closing conditions.

Roth Capital Partners is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be $3,300,000, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.

The securities described above are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-265336) previously filed with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on August 5, 2022. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660 or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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