EL CAJON, CA – November 4, 2021 (Investorideas.com Newswire) Solar Stock News from Investorideas.com Newswire and RenewableEnergyStocks.com – Solar Integrated Roofing Corp. (TBT: SIRC), an integrated single-source solar power installation and roofing systems company, today announced that it has entered into a $ 42.0 million share purchase agreement with Arbiter Capital LLC , a Delaware investment company.
Upon closing of the deal, Arbiter Capital purchased $ 42.0 million restricted Series B preferred shares of Solar Integrated Roofing Corp., or 6,000,000 preferred shares at $ 7.00 per share. The proceeds will be used for share buybacks, acquisitions and to invest in further organic growth.
“Arbiter Capital’s commitment gives us the flexibility to invest in our current businesses, repurchase stocks and pursue strategies that prioritize growth and other key marketing initiatives,” said David Massey , President and CEO of Solar Integrated Roofing Corp. The deal offers a low cost option with no covenants or warrants. Additionally, we have gained an institutional investor who is committed to supporting our company, as evidenced by his investment at a premium to the market, as we continue to advance the business and create shareholder value at long term.
“In addition, this capital will allow us to acquire an office building to consolidate our locations into a more efficient and centralized footprint – which we believe could save us approximately $ 300,000 per year. I look forward to continuing execution in the months ahead as we strive to create lasting value for our shareholders, ”Massey concluded.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is a single-source integrated solar power installation and roofing systems platform company specializing in commercial and residential properties across the United States. The company serves communities by delivering the best experience through constant innovation and legacy-driven leadership. The Company’s wide range of solutions includes the sale and installation of solar power systems, battery backups and electric vehicle (EV) charging stations for roofing, HVAC and contract work. electrical related. For more information, please visit the company’s website at www.solarintegratedroofing.com.
All statements made in this press release that are not historical facts contain certain forward-looking statements; as such, this term is defined in the Private Security Litigation Reform Act of 1995, relating to potential developments affecting the business, prospects, financial condition and other aspects of the business to which this press release relates. The actual results of the specific items described in this press release, and the operations of the Company in general, may differ materially from what is projected in these forward-looking statements. While these statements are based on the best judgment of management of the company as of the date of this release, material differences in magnitude, timing and other factors may result from business risks and uncertainties, including , without limitation, the company’s dependence on third parties, general market and economic conditions, technical factors, availability of outside capital, revenue collection and other factors , many of which are beyond the company’s control. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release should not be taken as a blanket solicitation.
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