Pineapple Energy implements 1-for-50 reverse stock split and terminates corporate lease

SUNation Energy, Inc.

Reverse stock split of 1-for-50 effective Oct 17, 2024, to regain Nasdaq bid price compliance.
Authorized shares reduced from 133,333,333 to 2,666,667; no fractional shares issued.
Lease termination saves ~$210K/year; one-time buyout fee of $189K; total savings ~$480K over remaining term.
Company waives $35,434 security deposit as part of lease exit.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SUNation Energy, Inc.: Amended articles of incorporation to effect a one-for-fifty reverse stock split (effective 2024-10-17).

Change: charter amendment
Effective: 2024-10-17

Exact text from the filing

Effective October 17, 2024, the Company amended its Fourth Amended and Restated Articles of Incorporation (“Articles of Amendment”) to implement a one-for-fifty reverse stock split.

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SUNation Energy, Inc. filing history →

Source: SEC EDGAR

accession 0000897101-24-000537

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