SUNation Energy Inc. (NASDAQ: SUNE) announced that its board of directors has authorized a review of strategic alternatives to increase shareholder value. The solar energy systems provider said the review will consider various options including a potential sale of the company, strategic business combinations, acquisitions, asset divestitures, corporate structure optimization, or other financial transactions.

The strategic review process is in preliminary stages with no set timetable for completion, according to the company's statement. SUNation indicated there is no assurance the exploration will result in any specific transaction or outcome.

Maxim Group LLC is serving as the company's merger and acquisition and financial advisor, while Rimon PC provides legal counsel and Alliance Advisors handles investor relations and proxy solicitation services.

Chief Executive Officer Scott Maskin stated that the company has completed a transformation strategy that strengthened its financial foundation. The initiatives included eliminating legacy financing instruments, repaying high-cost debt, enhancing corporate governance, and optimizing workforce and vendor arrangements.

SUNation reported on its March 18 earnings call that management had streamlined operations, reduced expenses, and improved the balance sheet as part of comprehensive changes to position the company for growth.

The Ronkonkoma, New York-based company provides residential and commercial solar energy systems, battery storage solutions, and energy services. SUNation designs, installs, finances, and services solar energy systems for residential, commercial, and municipal customers.

The company stated it does not intend to provide additional updates on the strategic review process unless the board approves a specific course of action or determines additional disclosure is appropriate.