Vermont Business Magazine iSun Inc. (NASDAQ: ISUN) announced Thursday afternoon that its Board of Directors has approved the rescission of the previously announced reverse stock split that was planned for today, April 26 and announced on Wednesday, April 24.
The decision to rescind the reverse stock split was made after careful consideration and analysis of market conditions, and the Williston-based company’s financial performance outlook, iSun said in a statement. The Board of Directors believes that this action is in the best interest of the company and its shareholders.
iSun also recently re-installed Jeff Peck as CEO and hired a restructuring expert as CFO.
"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, the statement said. Shareholders and stakeholders can expect regular updates on the company’s progress and performance.
iSun, Inc announces reverse stock split
Jeff Peck returns as CEO of iSun as executive team restructures
iSun, Inc. on April 24 announced that it would affect a 1-for-20 reverse stock split of its issued Common Stock, effective at 9:00 a.m. Eastern Time on Friday, April 26, 2024. Beginning Friday, April 26, 2024, the Company's Common Stock would trade on a split-adjusted basis.
iSun is a leading solar energy and clean mobility infrastructure company based in Williston with 50-years of experience accelerating the adoption of innovative electrical technologies.
At the Company's Special Meeting of Stockholders held on February 27, 2024, the company's stockholders approved a proposal to authorize a reverse stock split of the Company’s Common Stock, at a ratio of not less than 1-for-6 and not more than 1-for-20 as to be determined by the Company's Board of Directors.
The Board of Directors approved a 1-for-20 reverse split ratio, and on Wednesday, April 24, 2024, the company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to affect the reverse stock split effective as of 9:00 a.m. Eastern Time on Friday, April 26, 2024.
The Company's Board of Directors implemented the reverse stock split with the objective of regaining compliance with the $1.00 minimum bid price requirement of The Nasdaq Capital Market. The company has until May 13, 2024, to comply with this requirement. To evidence compliance with this requirement, the closing bid price of the company’s Common Stock must be at least $1.00 per share for a minimum of 10 consecutive business days by May 13, 2024.
As of Thursday April 25, shares opened at 10 cents per share ($0.10) and opened Friday Apil 26 at $0.25; the 52-week range is $0.0890 - $14.9560.
The company's shares of Common Stock will continue to trade on The Nasdaq Capital Market under the symbol "ISUN."
Source: April 25, 2024 03:40 PM Eastern Daylight Time. WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. www.isunenergy.com
