The Peck Company to commence trading on the Nasdaq Capital Market under “PECK”
Vermont Business Magazine Jensyn Acquisition Corp (NASDAQ: JSYN), a Special Purpose Acquisition Company (SPAC) and Peck Electric Company, a leading commercial solar engineering, procurement and construction (EPC) company, announced today that they completed their previously announced combination. The business combination was approved by Jensyn’s stockholders on June 19, 2019, with more than 87% of the voted shares voting in favor of the business combination. Holders of 492,037 shares of Jensyn common stock exercised their redemption rights in connection with the business combination.
As a result of the business combination, Peck Electric Co. has become a wholly-owned subsidiary of Jensyn named “The Peck Company Holdings, Inc.”, whose common shares will commence trading on the Nasdaq Capital Market under the symbol "PECK.”
Additionally, the stockholders of Peck Electric Co. have exchanged their shares in Peck Electric Co. for 3,234,501 shares of Jensyn common stock representing approximately 59% of Jensyn’s outstanding shares. If Jensyn’s adjusted EBITDA is $5,000,000 or more for the twelve-month period following the closing of the business combination or the closing price of Jensyn’s common stock is $12.00 or more the stockholders of Peck Electric Co. are entitled to an additional 898,473 shares of Jensyn common stock.
Jeffrey Peck, Chief Executive Officer of The Peck Company commented: “We are pleased to complete our business combination with Jensyn. Today is a historic moment for The Peck Company as this transaction enhances our already unique position to capitalize on significant growth opportunities across the Northeast and bring more, clean renewable energy to the market. We are confident this partnership marks the next chapter to continue our long-term growth and profitability as a publicly traded company.”
Jeffrey J. Raymond, President, CEO and Director of Jensyn Acquisition Corp. stated: “It gives Jensyn great pleasure to partner with Peck to further help execute their business initiatives and strengthen their growth opportunities as they enter the market as a public company. We are excited to watch Peck’s continued success as a leading commercial solar engineering, procurement and construction company as they execute their growth plan and deliver shareholder value.”
The senior management of Peck will replace Jensyn’s existing management team following the closing of the business combination. Jeff Peck will serve as the Company’s CEO.
Exit Strategy Partners, LLC has acted as an advisor to Jensyn in connection with the proposed business combination and introduced Peck Electric Co. to Jensyn.
About Peck Electric Co.
Headquartered in South Burlington, VT, Peck Electric Co. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as the largest commercial solar contractor in the Northeast and one of the largest in U.S., Peck Electric Co. provides engineering, procurement and construction (EPC) services to solar energy customers for projects ranging in size from several kilowatts for residential loads to multi-megawatt systems for large commercial and public works projects. Peck Electric Co. has installed over 100MW of solar systems since inception and is focused on profitable growth opportunities. Please visit www.peckelectric.com for additional information.
About Jensyn Acquisition Corp.
Jensyn Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Source: Burlington, VT, June 20, 2019 (GLOBE NEWSWIRE) -- Jensyn Acquisition Corp