- SUNation Energy (SUNE, Financial) announces a 200-for-1 reverse stock split effective April 21, 2025.
- The split aims to meet Nasdaq's minimum bid price requirements, reducing shares from 672.8 million to approximately 3.36 million.
- Shareholders with electronic holdings need no action, while those with physical certificates will receive instructions.
SUNation Energy, Inc. (SUNE), a leader in solar energy solutions, has announced a 200-for-1 reverse stock split set to take effect at 12:01 a.m. Eastern Time on April 21, 2025. This strategic move primarily aims to increase the market price per share, thereby regaining compliance with the Nasdaq Capital Market's minimum bid price requirements.
Following the reverse stock split, the number of outstanding shares will decrease from 672,799,910 to approximately 3,364,000 shares. SUNE will continue trading under the existing ticker symbol, 'SUNE', but will adopt a new CUSIP number, 72303P503. As per the company's announcement, no fractional shares will be issued, with all fractional interests being rounded up to the nearest whole number.
Shareholders who hold their shares electronically in book-entry form are not required to take any action to receive their post-split shares. However, those holding physical share certificates will receive detailed instructions from EQ Shareowner Services regarding the exchange process.
This reverse stock split, approved by shareholders at a Special Meeting on April 3, 2025, underscores SUNE's efforts to maintain its listing on Nasdaq amid challenging market conditions. The move is anticipated to adjust the stock's trading price to approximately $8.20, thereby achieving compliance with the exchange's listing standards. Despite these efforts, concerns remain over ongoing financial challenges as the broader market perception of such reverse splits can be negative.
