Pineapple Energy Inc. (NASDAQ: PEGY) saw its shares acquire momentum at the open Wednesday.
The company, a leading provider of sustainable solar energy and back-up power to households and small businesses, today announced that it sold its headquarters building in Minnetonka to Buhl Investors LLC, a Twin Cities real estate investment firm with a focus on providing highly innovative investment solutions across a variety of product types.
Buhl will convert the use of the building to multi-tenant, and Pineapple has agreed to lease approximately 8,500 of the 100,000-square-foot facility.
The sale price was $6.5 million. Proceeds net of commissions, fees, closing expenses, and any reserves required under the merger agreement between Pineapple Energy LLC and Communications Systems, Inc. will be distributed to CVR holders by July 30.
CEO Kyle Udseth commented, “Closing on the sale of the legacy CSI headquarters building is one more positive step in completing the post-merger transition to the new Pineapple Energy and fulfills a CSI obligation to the CVR holders. Even though the CVR transaction is not related to go-forward Pineapple, we do benefit from locating our corporate headquarters in a newly-renovated building on attractive lease terms, which we believe will assist us to attract and retain talent.”
The company news release maintains, “Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage.”
PEGY shares opened the midweek session up 19 cents, or 7.9%, to $2.59.
