(RTTNews) - SUNation Energy, Inc. (SUNE) on Monday announced a definitive merger agreement with Sunniva Inc. (SNNVF), under which the combined company will operate under the Suniva name and continue SUNation's Nasdaq listing.
The transaction is expected to close in the second half of 2026.
Upon closing, pre-merger Suniva shareholders are expected to own approximately 98.2% of the combined company.
Pre-merger SUNation shareholders are expected to own about 1.8%, subject to adjustment for SUNation's net cash at closing.
SUNation said its shareholders are expected to own equity with an implied value of approximately $2.26 per share following the merger, representing a premium of about 100% to SUNE's most recent closing price.
The combined company will bring together Suniva's U.S. based solar cell manufacturing operations with SUNation's residential, commercial, storage and energy services businesses.
Suniva currently operates a 1-gigawatt solar cell manufacturing facility in Georgia and is expanding capacity by 4.5 gigawatts in South Carolina.
Following the merger, the combined company is expected to be led by a five-member board designated by Suniva.
In the pre-market trading, SUNation Energy is 46.91% higher at $1.6611 on the Nasdaq.
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