Sunworks Pays Off Debt and Strengthens Balance Sheet
07 Dicembre 2020 - 2:34PM
Sunworks, Inc. (Nasdaq: SUNW), a provider of solar power solutions
for agriculture, commercial and industrial (ACI), public works and
residential markets, today announced the Company has sold
approximately 3.8 million shares of common stock raising
approximately $20 million in gross proceeds through “at the market”
offerings under its prospectus supplement filed on November 25,
2020. The Company used a portion of the proceeds from
the sales of its common stock to fully repay the outstanding
balance of approximately $2.7 million under its Loan Agreement with
CrowdOut Capital, Inc.
Chuck Cargile, Sunworks Chairman of the Board
said, “We have successfully bolstered our balance sheet, eliminated
costly debt, and strengthened our working capital position, better
positioning us to navigate the COVID-related challenges impacting
our operations, our industry, and the economy as a whole.
Additionally, we are actively recruiting a permanent Chief
Executive Officer (CEO) to lead the next phase of Sunworks’
evolution and fulfillment of backlog. The Board and I are
encouraged by the qualified candidates and expect to have a
permanent CEO in place in the first quarter of 2021.”
About
Sunworks, Inc.
Sunworks, Inc. (NASDAQ:SUNW) is a premier
provider of high performance solar power systems. Sunworks is
committed to quality business practices that exceed industry
standards and uphold its ideals of ethics and safety. Sunworks
continues to grow its presence, expanding nationally with regional
and local offices. The Company strives to consistently deliver high
quality, performance-oriented solutions for customers in a wide
range of industries including agricultural, commercial and
industrial, state and federal, public works, and residential.
Sunworks’ diverse, seasoned workforce includes veterans who bring a
sense of pride, discipline, and professionalism to their
interaction with customers. Sunworks is a member of the Solar
Energy Industries Association (SEIA) and is a proud advocate for
the advancement of solar power. For more information, visit
www.sunworksusa.com.
Safe Harbor Statement
Matters discussed in this press release contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words "anticipate," "believe," "estimate," “will,”
"may," "intend," "expect" and similar expressions identify such
forward-looking statements. Forward-looking statements include all
statements other than statements of historical fact contained in
this press release, including statements regarding the Company’s
future sales, revenue, gross profit, gross margin, operating
expenses, operating income, net income, cash balance and cash from
operating activities. Actual results, performance or achievements
could differ materially from those contemplated, expressed or
implied by the forward-looking statements contained herein.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based largely
on the expectations of the Company and are subject to a number of
risks and uncertainties. These risks include, but are not limited
to, risks and uncertainties associated with: the impact of
economic, competitive, regulatory, environmental and other factors
affecting the Company and its operations, markets and products; the
impact of COVID-19 and the related federal, state and local
restrictions on the Company’s operations and workforce, the impact
of COVID-19 and such restrictions on our customers, and the impact
of COVID-19 on the Company’s supply chain and availability of
shipping and distribution; the prospects for sales, lower revenues,
failure to earn profit, higher costs than expected, potential
operating losses, ownership dilution, inability to repay debt, and
the inability to complete projects within anticipated timeframes
and costs; the impact of tariffs imposed by governmental bodies;
the impact of national and local economies generally; the Company’s
ability to access governmental assisted financing; and other
factors detailed in reports filed by the Company. You should also
review the risks described in “Risk Factors” in Part I, Item 1A of
Sunworks, Inc.’s Annual Report on Form 10-K and in the other
reports and documents Sunworks files with the Securities and
Exchange Commission from time to time.
Any forward-looking statement made by us in this
press release is based only on information currently available to
us and reflects only as of the date on which it is made. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.Investor Relations Contact:
Rob Fink FNK IR646.809.4048
rob@fnkir.com
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