SUNation Energy (SUNE) said Monday that it has closed the final tranche of its previously announced securities purchase agreement with certain institutional investors, raising $5 million.
The final tranche included the sale of about 4.3 million common shares, series A warrants to purchase about 17.4 million common shares, and series B warrants to purchase about 17.4 million common shares for $1.15 per share and associated warrants, according to the company.
SUNation Energy said the securities purchase agreement raised a total of approximately $20 million, including $15 million from the initial tranche. Funds will be used for operations and other general corporate purposes, the company added.
Shares of SUNation Energy were down more than 68% in recent Monday trading.
Price: 0.07, Change: -0.15, Percent Change: -68.06
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