iSun, Inc. Announces Completion of Redemption of Public Warrants
April 16 2021 - 8:30AM
Business Wire
iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading
solar energy and clean mobility infrastructure company with 50
years of construction experience in solar, electrical and data
services, today announced the completion of the redemption of all
of its outstanding public warrants (the “Public Warrants”). On
March 9, 2021, the Company issued a press release stating that it
would redeem all of its outstanding 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 Corp. 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”) that remained 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 shares of 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 of
their permitted transferees were not subject to this
redemption.
Of the 4,149,500 Public Warrants that were outstanding as of the
date of the Company’s combination with Jensyn Acquisition Corp. in
June 2019 and that could be exercised, 3,671,236 were exercised in
aggregate, representing approximately 89% of the exercisable
warrants. This includes 1,042,116 warrants that were excised since
the Company’s redemption notice on March 9, 2021. Accordingly, iSun
redeemed the 453,764 unexercised warrants. Total cash proceeds
generated from warrant exercises were $21.1 million. Total shares
of Common Stock outstanding as of April 12, 2021 were 9,082,659. As
of this date, no Public Warrants remain outstanding.
ABOUT iSUN Headquartered in Williston, VT, iSun, Inc. (NASDAQ:
ISUN) is a business rooted in values that align people, purpose,
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
for commercial, industrial, and utility customers. 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 650 megawatts of
rooftop, ground- mount and EV-carport solar systems (equal to power
required for 123,500 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/20210416005081/en/
INVESTOR CONTACT Chase Jacobson IR@isunenergy.com
802-264-2040
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