iSun, Inc. Announces Rescission of Reverse Stock Split
April 25 2024 - 3:40PM
Business Wire
iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading
solar energy and clean mobility infrastructure company with
50-years of experience accelerating the adoption of innovative
electrical technologies, announced today that its Board of
Directors has approved the rescission of the previously announced
reverse stock split.
The decision to rescind the reverse stock split was made after
careful consideration and analysis of market conditions, and the
company’s financial performance outlook. The Board of Directors
believes that this action is in the best interest of the company
and its shareholders.
“We have always prioritized shareholder value and transparency
in our decision-making process,” said Jeff Peck, CEO of iSun.
“After thorough evaluation and discussions with our shareholders,
we have determined that rescinding the reverse stock split is the
appropriate course of action at this time. We remain committed to
executing our strategic initiatives and delivering long-term value
to our shareholders.”
As a result of the rescission, the reverse stock split that was
previously approved will not be implemented, and the company’s
outstanding shares will remain unaffected by the split.
iSun will continue to focus on its core business objectives.
Shareholders and stakeholders can expect regular updates on the
company’s progress and performance.
About iSun, Inc.
Since 1972, iSun has accelerated the adoption of proven,
life-improving innovations in electrification technology. iSun has
been the trusted electrical contractor to Fortune 500 companies for
decades and has installed clean rooms, fiber optic cables, flight
simulators, and over 400 megawatts of solar systems. The Company
has provided solar EPC services across residential, commercial
& industrial, and utility scale projects and provides solar
electric vehicle charging solutions for both grid-tied and battery
backed solar EV charging systems. iSun believes that the transition
to clean, renewable solar energy is the most important investment
to make today and is focused on profitable growth opportunities.
Please visit www.isunenergy.com for additional information.
Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Words or phrases such as
"may," "should," "expects," "could," "intends," "plans,"
"anticipates," "estimates," "believes," "forecasts," "predicts" or
other similar expressions are intended to identify forward-looking
statements, which include, without limitation, earnings forecasts,
effective tax rate, statements relating to our business strategy
and statements of expectations, beliefs, future plans and
strategies and anticipated developments concerning our industry,
business, operations and financial performance and condition.
The forward-looking statements included in this press release
are based on our current expectations, projections, estimates and
assumptions. These statements are only predictions, not guarantees.
Such forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include,
without limitation, the risk factors described from time to time in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K.
All forward-looking statements included in this press release
are based on information currently available to us, and we assume
no obligation to update any forward-looking statement except as may
be required by law.
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IR Contact: IR@isunenergy.com
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