MINNETONKA, Minn., June 10, 2024 (GLOBE NEWSWIRE) -- 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.

About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power) provide homeowners and small businesses with an end-to-end product offering spanning solar, battery storage, and grid services.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.