Form 8-K - Current report
November 17 2023 - 4:05PM
Edgar (US Regulatory)
false
0001634447
0001634447
2023-11-17
2023-11-17
iso4217:USD
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iso4217:USD
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 17, 2023 (November 13, 2023)
ISUN,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-37707 |
|
47-2150172 |
(State
or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification Number) |
400
Avenue D, Suite 10, Williston, Vermont 05495 |
(Address
of Principal Executive Offices) (Zip Code) |
|
(802)
658-3378
|
(Registrant’s
telephone number, including area code) |
|
|
(Former
name or former address, if changed since last report) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value per share |
|
ISUN |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.04 |
Triggering
Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement |
On
November 4, 2022, iSun, Inc. (the “Company”) entered into the Securities Purchase Agreement with Anson Investments Master
Fund, LP and Anson East Master Fund, LP (together, the “Purchasers”), pursuant to which the Company issued to the Purchasers
Senior Secured Convertible Notes (the “Notes”) in the aggregate principal amount of $12,500,000, as described in the Company’s
Current Report on Form 8-K, dated November 8, 2022
On
November 13, 2023, the Company received notice from the Purchasers of an Event of Default under the Notes, with respect to unpaid amounts
due on November 1, 2023, and under a Letter Agreement between the Company and the Purchasers, dated August 30, 2023, and described in
the Company’s Current Report on Form 8-K, dated September 1, 2023. The notice states that the Purchasers have opted to accelerate
the Notes at the Mandatory Default Amount as defined in the Notes.
On
November 14, 2023, The Nasdaq Stock Market (“Nasdaq”) notified the Company that it would be afforded an additional
180 calendar days (or until May 13, 2024) to regain compliance with Nasdaq’s minimum bid price requirement.
As
previously disclosed, on May 19, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Department stating
that, for the prior 30 consecutive business days, the closing bid price of the Company’s common stock had been below the minimum
of $1 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The initial notification
letter stated that the Company would be afforded 180 calendar days (until November 13, 2023) to regain compliance, and that the Company
could be eligible for additional time. Although the Company did not regain compliance within the initial 180 calendar day period, Nasdaq
determined that the Company was eligible for the additional 180 calendar day period to regain compliance.
In
order to regain compliance, the closing bid price of the Company’s common stock must be at least $1 per share for a minimum of
ten consecutive business days during the additional 180 calendar day period. The Company intends to consider all available options to
regain compliance with the Nasdaq listing standards.
The
Nasdaq notification has no effect at this time on the listing of the Company’s Common Stock, which will continue to trade uninterrupted
under the symbol “ISUN”.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
November 17, 2023
|
iSun,
Inc. |
|
|
|
|
By: |
/s/
Jeffrey Peck |
|
Name: |
Jeffrey
Peck |
|
Title: |
Chief
Executive Officer |
v3.23.3
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Nov. 17, 2023 |
Cover [Abstract] |
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Document Period End Date |
Nov. 17, 2023
|
Entity File Number |
001-37707
|
Entity Registrant Name |
ISUN,
INC.
|
Entity Central Index Key |
0001634447
|
Entity Tax Identification Number |
47-2150172
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
400
Avenue D
|
Entity Address, Address Line Two |
Suite 10
|
Entity Address, City or Town |
Williston
|
Entity Address, State or Province |
VT
|
Entity Address, Postal Zip Code |
05495
|
City Area Code |
(802)
|
Local Phone Number |
658-3378
|
Written Communications |
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|
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|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
ISUN
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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