Sunation Energy Completes $20 Million Funding Through Registered Direct Offering
$SUNE
SUNation Energy, Inc. (Nasdaq:SUNE), a prominent provider of solar energy and backup power solutions, recently announced the successful closure of its registered direct offering, which brought in a total of $20 million in gross proceeds. This financial milestone was achieved through two tranches, with the final tranche closing on April 7, 2025, generating $5 million.
The Ronkonkoma, New York-based company, which operates in key markets such as New York, Florida and Hawaii, issued 4,347,826 shares of its common stock, along with Series A warrants to purchase up to 17,391,306 shares of common stock and for Series B warrants to purchase up to 17,391,306 shares of common stock.
Scott Maskin, the CEO of SUNation, highlighted the strategic importance of this funding. The initial tranche, which closed on February 27, 2025, with approximately $15 million, was primarily used to repay $9.4 million in senior and junior secured loans. This repayment significantly strengthened the company’s balance sheet, stabilized operations and enhanced cash flow.
The offering was managed by Roth Capital Partners, serving as the exclusive placement agent. This partnership facilitated the structured sale of shares under a shelf registration statement on Form S-3, declared effective by the Securities and Exchange Commission (SEC) on September 2, 2022 and an additional registration statement on Form S-3MEF filed under Rule 462(b), which became automatically effective on the day of the final tranche closing.
By focusing on grassroots growth and regional expansion, the company aims to play a pivotal role in the energy transition towards more sustainable sources. This financial development is a testament to SUNation’s robust strategic planning and its commitment to securing a sustainable future. The company continues to innovate and expand, its financial health and strategic acquisitions are expected to drive long-term growth.
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