SUNation Energy, Inc. (SUNE) has entered into a definitive merger agreement with Suniva, Inc., a solar cell technology company. Under the terms of the agreement dated June 5, 2026, a wholly-owned subsidiary of SUNation will merge with and into Suniva, with Suniva surviving as a wholly-owned subsidiary of SUNation. The transaction is structured as a reverse merger, with Suniva's stockholders set to own the vast majority of the combined company.
Key Details
- Ownership Structure: Upon closing, pre-merger Suniva stockholders are expected to own approximately 98.2% of the combined company, while pre-merger SUNation stockholders will own approximately 1.8%.
- Governance: The Board of Directors of the combined company is expected to consist of five members, all to be designated by Suniva.
- Closing Conditions: The merger is subject to customary closing conditions, including stockholder approval from both companies, Nasdaq approval for listing the new shares, and SUNation's net cash not being less than negative $1,500,000.
- Termination: The agreement includes a mutual termination fee of $1.0 million under specified circumstances and can be terminated if the merger is not consummated by January 30, 2027.