Core Viewpoint - Pineapple Energy Inc. will implement a 1-for-15 reverse stock split effective June 12, 2024, to increase the market price per share and regain compliance with Nasdaq's listing requirements [1][7]. Group 1: Reverse Stock Split Details - The reverse stock split will reduce the number of authorized common shares from 112,500,000 to 7,500,000, with no fractional shares issued; any resulting fractional shares will be settled in cash [2]. - Every 15 shares of common stock will be combined into one share, with no change in par value per share, and adjustments will be made to stock purchase warrants, stock options, and equity incentive plans [4]. Group 2: Company Strategy and Vision - The reverse stock split is part of the company's strategy to satisfy Nasdaq's continued listing requirements while pursuing additional actions for compliance [7]. - Pineapple Energy focuses on growing local and regional solar, storage, and energy services companies, aiming to power the energy transition through grassroots growth of solar electricity and battery storage [9].
Pineapple Energy Announces 1-for-15 Reverse Stock Split Effective June 12, 2024