Why Pineapple Energy (PEGY) Stock Is Down 60%
Portfolio Pulse from Henry Khederian
Pineapple Energy (PEGY) stock plummeted by 63.8% to $0.29 after the company swapped Series A preferred stock and warrants for Series C preferred stock, convertible at $0.45 per share. This follows an amendment to the company's secured note, affecting conversion and exercise prices. PEGY has seen a significant decline over the past year.
September 09, 2024 | 4:53 pm
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Pineapple Energy's stock fell 63.8% due to a swap of Series A preferred stock and warrants for Series C preferred stock, convertible at $0.45 per share. This move follows an amendment to the company's secured note, impacting conversion and exercise prices.
The significant drop in PEGY's stock price is directly linked to the company's decision to swap Series A preferred stock and warrants for Series C preferred stock, convertible at a lower price. This move likely diluted existing shares, leading to a sharp decline in stock value.
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