In connection with the March 28, 2022 merger of Communications Systems, Inc. ("CSI" and “Company”) with Pineapple Energy, Inc. (the “Merger”), shareholders of the Company who were record holders of CSI common stock as of the close of business on March 25, 2022, received one contractual non-transferable contingent value right, or CVR, per each share of CSI common stock respectively then held by them.
Following the Merger, each CVR holder became entitled to a pro rata portion of the proceeds from dispositions of CSI’s pre-merger assets, net of expenses, that occurred following the closing of the merger. The Company’s name was changed to Pineapple Energy, Inc. following the Merger in 2022 and, in November 2024, the Company’s name was changed to SUNation Energy, Inc.
Additional information related to the CVRs available prior to the Merger can be found in the Company’s Form S-4/A, filed with the SEC on January 26, 2022. Click Here.
Additional information pertaining to the CVRs following the Merger is provided in the following links:
Tax Information:
Refer to IRS Form 8937 posted at https://ir.pineappleenergy.com/financial-information/cvr and the Company’s March 29, 2023 Form 8-K Report providing “Important Information for Holders of Contingent Value Rights” which is posted at https://ir.pineappleenergy.com/sec-filings/all-sec-filings/content/0000897101-23-000130/pegy230377_8k.htm.
Cash Distributions to CVR Holders:
August 3, 2022 - Pineapple Energy Announces First Distribution to CVR Holders of $3.60 per CVR
Pineapple Energy Announces Payment to CVR Holders of $1.25 per CVR (September 18,2023)
Pineapple Energy Announces Distribution to Contingent Value Rights Holders (November 8, 2024)
SUNation Energy Announces Final Distribution to Holders of Contingent Value Rights (December 4, 2025)