Sunworks sells 3.3M shares at $1.00 in registered direct offering

Sunworks has entered into a definitive agreement with a single ESG-focused institutional investor for the purchase and sale of 3,300,000 shares of the Company’s common stock at a purchase price of $1.00 per share of common stock in a registered direct offering. The closing of the offering is expected to occur on or about August 11, 2023, subject to the satisfaction of customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from the offering are expected to be $3,300,000, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.