Company: SUNE
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029179
Chunk: 23

Company: SUNation Energy, Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 23
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 spend the net proceeds. The amounts and timing of our actual expenditures
will depend upon numerous factors, including market conditions, cash generated by our operations, business developments and the rate of
our growth. We may find it necessary or advisable to use portions of the proceeds of this offering for other purposes. Pending these uses,
we intend to invest the net proceeds of this offering in a money market or other interest-bearing account.

<div align='center'>S-9

DILUTION</div>

If you invest in our securities in this offering,
your interest will be diluted immediately to the extent of the difference between the public offering price paid by the purchasers of
the shares of common stock (and Pre-Funded Warrants) and related common warrants sold in this offering and the as adjusted net tangible
book value per shares of common stock after this offering.

The net tangible book value
of our common stock on September 30, 2024, was approximately $(21.1) million, or approximately $(22.43) per share of common stock. We
calculate net tangible book value per share by dividing the net tangible book value, which is tangible assets less total liabilities,
by the number of outstanding shares of our common stock.

Dilution represents the difference between the
amount per share paid by purchasers in this offering and the as adjusted net tangible book value per share of common stock after the offering.
After giving effect to the sale of shares of common stock and common stock issuable under the Pre-Funded Warrants, at a public offering
price of $1.15 per share, which was the closing price of our common stock as reported on Nasdaq on February 26, 2025, and after deducting
placement agent commissions and estimated offering expenses payable by us, but without adjusting for any other change in our net tangible
book value subsequent to September 30, 2024, our net tangible book value would have been $(0.16) per share. This represents an immediate
increase in net tangible book value of $22.27 per share to our existing stockholders and new investors purchasing securities at the proposed
public offering price will experience a decrease in net tangible book value per share of $1.31 per share. The dilution figures assume
the sale of Pre-Funded Warrants and excludes the proceeds, if any, from the exercise of any common warrants issued in this offering.
The following table illustrates the dilution in net tangible book value per share to new investors as of September 30,