Pineapple Holdings (PEGY) has released an update to notify the public and investors about an entry into a material definitive agreement.
Pineapple Energy Inc. has entered into a purchase agreement with institutional investors to sell over 2.7 million shares at $0.37 each, aiming to raise $1 million in a registered direct offering. The closing, subject to standard conditions, is expected around February 7, 2024. The company has also negotiated amendments related to its Series A Preferred Stock and Warrants, including anti-dilution adjustments and waiver of future protections for some shares. The proceeds from the offering, after costs, will be used for general corporate purposes. The offering is made under an existing shelf registration statement with the SEC.
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For a comprehensive understanding of the announcement, you can read the full document here.
