Pioneer Power sells Pioneer Custom Electrical Products for $48M cash plus $2M equity

PIONEER POWER SOLUTIONS, INC.

Total consideration $50M ($48M cash + $2M equity units in buyer's entity); transaction closed Oct 29, 2024.
Pro forma revenue from continuing ops $11.1M (FY2023) vs $41.5M reported; net loss from continuing ops $6.3M.
Retains ~6% stake in buyer (Pioneer Investment LLC) via $2M cost method investment.
Transition services agreement with Buyer for up to 12 months post-closing.
Gain on sale estimated at $42.2M added to equity on pro forma balance sheet.

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