A California-based solar tech company announced yesterday their plans for seven acquisitions totaling over $78 million in projected annual revenue in order to position the company for significant growth in 2022. The release went on to say that the company signed binding letters of intent (LOIs) for the seven acquisitions for an aggregate cash proceeds of $21.6 million. Shares of Solar Integrated Roofing Corporation (OTCPK:SIRC) have nearly doubled in price during the last five sessions, and appear to be bid up on Wednesday’s pre-market.
Solar Integrated Roofing is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally.
Traders appear to be bullish on this recent news as shares are currently bid up at $0.61/share (+4.20% implied open for sellers). As previously mentioned, this move would be a strong continuation of the recent success this stock has had so far this year.
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