Company: SUNE
Filing Date: 2025-03-14
Form Type: 8-K
Source: 0001213900-25-023805
Chunk: 2

Company: SUNation Energy, Inc.
Filing Date: 2025-03-14
Form: 8-K
Item: Item 1.02
Chunk 2
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Company took a third advance in the amount of $380,000 on the same financial terms as the Second Conduit Advance.

In accordance with the terms
of the Conduit loan agreements, if the Company were to consummate one or more equity offerings prior to the Maturity Date in which it
derives aggregate gross proceeds of at least $3.15 million, it will be required to repay the unpaid principal balance of the Initial Conduit
Loan, simultaneous with the closing(s) of such offering(s), and if the Company consummates one or more equity offerings prior to the Conduit
Maturity Date in which it derives aggregate gross proceeds of at least $4.4 million, the Company will be required to repay the entire
unpaid principal amount of all loans due to Conduit, simultaneous with the closing(s) of such offering(s).

As of February 28, 2025, the
aggregate Conduit Note, as amended, balance was $1,000,000, which was repaid in full from a portion of the proceeds of the Equity Offering
following the consummation thereof. Asa result of this complete repayment, the Conduit Note, as amended, has been terminated,
and no further principle, interest, accrual or conversion of any securities thereunder remain payable to Conduit following the repayment
and related termination of the Conduit loan agreement(s).

MBB Energy Bridge Loan
Repayment and Termination

On July 22, 2024, the Company
obtained bridge loan financing for working capital purposes from MBB Energy, LLC (“ MBB”), an affiliate of the Company (the
“ Original MBB Note”) in the principal sum of $500,000 to the Company on an original interest discount basis of 20% and, accordingly,
MBB advanced the sum of $400,000 to the Company (the “ Initial MBB Loan”), with a maturity date of July 21, 2025 (the “ Maturity
Date”). On August 16, 2024, the Company took a second advance in the amount of $500,000 on the same financial terms as the Initial
MBB Loan.

In accordance with the terms
of the MBB loan agreements, if the Company were to consummate one or more equity offerings prior to the Maturity Date in which it derives
aggregate gross proceeds of at least $3.15 million, it will be required to repay the unpaid principal balance of the Initial MBB Loan,
simultaneous with the