In a move aimed at bolstering its capital reserves, Pineapple Energy announced a definitive agreement with investors for the sale of 2,702,703 shares of its common stock at a purchase price of $0.37 per share in a registered direct offering. This maneuver is anticipated to infuse Pineapple with approximately $1.0 million in gross proceeds, albeit subject to the deduction of placement agent fees and other offering expenses.
The trading saga unfolded with the company’s stock opening at $0.22 on a Tuesday morning, following the announcement. However, rather than witnessing a surge reflective of the positive news, Pineapple Energy found itself engulfed in a downward spiral. The current trajectory is marked by a decline in stock value, coupled with an unusual surge in trading volume. A staggering 3.0 million shares have already changed hands, dwarfing the typical daily average of 124.23K shares.
At the time of this publication, Pineapple Energy Inc stock (PEGY) has witnessed a decline.
Pineapple Energy Inc
Current Price: $0.15
Change : -0.07
Change (%): (-32.36%)
Volume: 3.0M
Source: Tomorrow Events Market Data
Adding another layer to the narrative, Roth Capital Partners has been entrusted with the role of sole placement agent for the offering of Pineapple Energy, a detail that could potentially influence market sentiment.
Pineapple Energy has made its intentions clear regarding the utilization of the funds procured through the offering. The company aims to allocate these resources toward working capital and other general corporate purposes, signifying a strategic maneuver aimed at fortifying its operational capabilities.
It’s worth noting that this offering is being conducted in adherence to regulatory protocols, with the shares of common stock being offered and sold pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on September 2, 2022.
As the trading drama unfolds, stakeholders and market observers keenly monitor Pineapple Energy’s trajectory, awaiting insights into the company’s ability to navigate these turbulent waters and emerge resilient in the competitive renewable energy landscape.
