Pineapple Energy stock (NASDAQ: PEGY) nearly doubled during intraday trading on Tuesday after the company inked a new agreement with Conduit Capital. The newly signed agreement will see Conduit Capital providing Pineapple Energy with its services, including structural internal support, staffing, and capital-raising activities.
The deal also involves the addition of key talent to assist the Pineapple team, all of whom have industry-specific experience in Pineapple’s various business sectors. Key figures joining Pineapple Energy through this partnership include Robert Zulkoski, Andy Childs, and Melissa Obegi. Each of these professionals brings a wealth of experience in fortunate capital raises, mergers and acquisitions, and corporate restructuring transactions.
However, amid these developments, Eric Ingvaldson, Chief Financial Officer of Pineapple Energy, has announced his resignation. Ingvaldson will leave the company on August 30, 2024.
Conduit Capital CEO Zulkoski said the following about the agreement:
“One visit to the SUNation offices on Long Island solidified our position with Pineapple, and we are all-in to help make this a great company and an important leading nationwide broad electrification platform.”
Pineapple Energy (NASDAQ: PEGY) Stock Reaction
PEGY stock soared 91.67% on Tuesday, closing at $2.30, marking a 75.57% increase for the week. The trading volume was 76,294,086 shares, significantly higher than the average daily volume of 6.53 million.
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