Pineapple Energy (PEGY) Announces 1:15 Reverse Share Split

Pineapple Energy Inc. (the “Company”) (NASDAQ: PEGY) announced today that effective at 12:01 a.m. Central Time on June 12, 2024, the Company will implement a 1-for-15 reverse stock split of its outstanding common stock. The Company’s common stock will continue to trade under the symbol “PEGY” and it is expected to open for trading on Nasdaq on June 12, 2024 on a post-split basis.

The reverse stock split is primarily intended to increase the market price per share of the Company’s common stock to regain compliance with the continued listing requirements of The Nasdaq Capital Market. The Company intends to continue to pursue additional actions to satisfy the exchange’s other continued listing requirements.

Upon the effectiveness of the reverse stock split, every 15 shares of issued and outstanding Company common stock at the close of business on June 11, 2024 will be automatically combined into one issued and outstanding share of common stock, with no change in par value per share. Proportionate adjustments will be made to the conversion and exercise prices of the Company’s outstanding stock purchase warrants, stock options, and to the number of shares issued and issuable under the Company’s equity incentive plans.

The reverse stock split proportionally reduces the number of shares of the Company’s authorized common stock from 112,500,000 to 7,500,000. No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would have resulted from the reverse stock split will be settled in cash. The reverse stock split will affect all common shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s common stock, except to the extent that the reverse stock split results in some shareholders experiencing an adjustment of a fractional share as described above.

Shareholders holding share certificates will receive information from EQ Shareowner Services, the Company’s transfer agent, regarding the process for exchanging their shares of common stock. Shareholders with questions may contact the Company’s transfer agent by calling 800-401-1957.

You May Also Be Interested In

• CapitalOne Downgrades Workday (WDAY) to Equal-weight
• IREN (IREN) Reiterated at Market Outperform by Citizens as Cloud Business Gains Momentum
• RBC Capital Assumes Eagers Automotive Ltd (APE:AU) at Sector Perform