Company: SUNE
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029179
Chunk: 62

Company: SUNation Energy, Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 62
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 stock does not purport to be complete and is based upon and qualified by reference to our amended and restated
articles of incorporation, restated bylaws and the certificate of designation for our Series A convertible preferred stock (the “CoD”).
We encourage you to read our amended and restated articles of incorporation, restated bylaws, the CoD and the applicable provisions of
the Minnesota Business Corporation Act, or MBCA, for additional information.

Authorized Shares of Capital Stock

As of the date hereof, our authorized is 37,500,000
shares of common stock, par value $0.05 per share and 3,000,000 shares of preferred stock, $1.00 par value per share. As of August 15,
2022, we had 7,435,586 shares of common stock outstanding and 32,000 shares of Series A convertible preferred stock outstanding.

Preferred Stock

The following is a summary of material terms of
our Series A convertible preferred stock.

Generally, holders of the Series A convertible
preferred stock are not entitled to voting rights. However, as long as any shares of Series A convertible preferred stock are outstanding,
we may not, without the affirmative vote of the Required Holders (as defined in the CoD):

| ● | alter or change adversely the powers, preferences or rights given to the Series A convertible preferred stock or alter or amend the CoD; |

| ● | authorize or create any class of stock ranking as to redemption senior to the Series A convertible preferred stock; |

| ● | amend our amended and restated articles of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series A convertible preferred stock; |

| ● | increase the number of authorized shares of Series A convertible preferred stock; or |

| ● | enter into any agreement with respect to any of the foregoing. |

Each share of Series A convertible preferred stock
will be convertible, at any time after issuance and at the option of the holder, into a number of shares of our common stock determined
by dividing the “Stated Value” of such share by the “Conversion Price.” The Stated Value per share of Series A
convertible preferred stock is $1,000 and the Conversion Price per share of Series A convertible preferred stock is $13.60, subject to
adjustment. The shares of common stock issuable upon conversion of the Series A convertible preferred stock are referred to as the “conversion
shares.”

The conversion price is subject