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Pineapple Holdings ( (PEGY) ) has shared an announcement.
Pineapple Energy Inc. has announced a significant financial restructuring by entering into Exchange Agreements to convert their existing Series A Preferred Stock and related Warrants into Series C Preferred Stock. This strategic move was initiated after securing an additional $120,000 in financing through an Amended Note, which is convertible into common stock at $0.45 per share. The restructuring triggered adjustments in the Series A Preferred Stock and Warrants, leading to potential conversions into a total of 95,683,638 shares of common stock. The Series C Preferred Stock, unlike Series A, will not be subject to price resets, ensuring a more stable equity structure. This transaction is set to close on September 10, 2024, following the satisfaction of specific conditions, and marks a confident step towards Pineapple Energy’s growth and expansion in the sustainable energy market.
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