iSun Announces Redemption of All Public Warrants
March 09 2021 - 4:45PM
Business Wire
iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”) a leading
solar energy and clean mobility infrastructure innovator with 50
years of construction expertise for solar, electrical and data
services, today announced that the Company will redeem all of its
outstanding public warrants (the “Public Warrants”) to purchase
shares of the Company’s Common Stock, par value $0.0001 per share
(the “Common Stock”), that were issued under the Warrant Agreement,
dated March 2, 2016, as amended (the “Warrant Agreement”), by and
between the Company (formerly Jensyn Acquisition Corporation and
formerly The Peck Company Holdings, Inc. ) and Continental Stock
Transfer & Trust Company, as Warrant Agent (the “Warrant
Agent”), as part of the Units sold in the Company’s initial public
offering (the “IPO”) and that remain outstanding at 6:30 p.m. New
York City time on April 12, 2021 (the “Redemption Date”) for a
redemption price of $0.01 per Public Warrant (the “Redemption
Price”). Warrants to purchase Common Stock that were issued under
the Warrant Agreement in a private placement simultaneously with
the IPO and that are still held by the initial holders thereof or
their permitted transferees are not subject to this redemption.
Each Public Warrant entitles the holder thereof to purchase
one-half of one share of Common Stock for a purchase price of $5.75
per half share, subject to adjustment. Any Public Warrants that
remain unexercised at 6:30 p.m. New York City time on the
Redemption Date will be void and no longer exercisable and their
holders will have no rights with respect to those Public Warrants,
except to receive the Redemption Price or as otherwise described in
this notice for holders who hold their Public Warrants in “street
name.” The Company hereby informs you of its intention to
irrevocably deposit with the Warrant Agent cash sufficient to pay
the redemption price for all outstanding Public Warrants no later
than one day prior to the Redemption Date.
Of the 4,194,500 Public Warrants outstanding from our
combination with Jensyn Acquisition Corporation in June 2019 and
that are available to exercise, 2,629,120 or 63% have been
exercised to date and 1,565,380 or 37% remaining outstanding.
“The redemption of our warrants marks another critical step in
the evolution of iSun as we work to further streamline our capital
structure and enhance our cash position,” said Jeffrey Peck, iSun’s
Chief Executive Officer. “With 63% of the public warrants having
been exercised to date, the anticipated additional exercises will
provide iSun with increased cash on the balance sheet to invest in
both organic growth initiatives and to pursue M&A and
investment opportunities in-line with our strategy to be an
integrated provider of renewable energy as a service.”
None of the Company, its Board of Directors or officers has made
or is making any representation or recommendation to any holder of
the Public Warrants as to whether to exercise or refrain from
exercising any Public Warrants.
The shares of Common Stock underlying the Public Warrants have
been registered by the Company under the Securities Act of 1933, as
amended, and are covered by a Registration Statement filed on Form
S-1 with, and declared effective by, the Securities and Exchange
Commission (Registration No. 333-208159). The SEC maintains an
Internet website that contains a copy of this Registration
Statement and Prospectus filed in connection therewith. The address
of that site is www.sec.gov. Alternatively, a copy of the
Prospectus from the iSun investor relations website may be obtained
at https://investors.isunenergy.com.
Questions concerning exercise of redemption of the Public
Warrants can be directed to Continental Stock Transfer & Trust
Company, 1 State Street, 30th Floor, New York, New York 10004,
Attention: Compliance Department, telephone number (212)
509-4000.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of the Company’s securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About iSun, Inc.
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a
business rooted in values of integrity and diversity that align
people, innovation and sustainability. Ranked by Solar Power World
as one of the leading commercial solar contractors in the United
States, iSun provides solar energy and clean mobility
infrastructure to customers for projects from smart solar mobile
phone and electric vehicle charging, up to multi-megawatt renewable
energy solutions. iSun’s innovations were recognized this year by
the Solar Impulse Foundation of Bertrand Piccard as one the globe’s
Top 1000 Sustainability Solutions. As a winner, this award will
result in the iSun solution being presented to hundreds of
government entities around the world, including various municipal,
state and federal agencies in the United States. Since entering the
renewable energy market in 2012, iSun has installed over 200
megawatts of rooftop, ground mount and EV carport solar systems
(equal to power required for 38,000 homes). We continue to focus on
profitable growth opportunities. For more information, visit
www.isunenergy.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements about (i) iSun’s plans, objectives, expectations and
intentions and other statements contained in this press release
that are not historical facts; and (ii) other statements identified
by words such as “expects” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “targets,” “projects,” or words
of similar meaning generally intended to identify forward-looking
statements. These forward-looking statements are based upon the
current beliefs and expectations of the respective management of
iSun and are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are
beyond the control of iSun. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Actual results may differ materially from the anticipated results
discussed in these forward-looking statements because of possible
uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20210309006030/en/
Investor Relations Contact: Chase Jacobson IR@isunenergy.com
802-264-2040
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