Company: SUNE
Filing Date: 2025-02-27
Form Type: 8-K
Source: 0001213900-25-017666
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Company: SUNation Energy, Inc.
Filing Date: 2025-02-27
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive
Agreement.

On February 27, 2025, SUNation Energy, Inc. (the “ Company”)
entered into a securities purchase agreement (the “ Purchase Agreement”) with certain institutional investors set forth on
the signature page thereto for the purchase and sale of an aggregate of $15 million in securities in a first closing consisting of (i)
1,965,000 shares of common stock (the “ Shares”), and (ii) pre-funded warrants to purchase up to 11,078,480 shares of common
stock (the “ Pre-Funded Warrants), and an aggregate of $5 million in securities in a second closing consisting of (x) 4,347,826 Shares
or Pre-Funded Warrants, (y) series A warrants to purchase up to 17,391,306 shares of common stock (the “ Series A Warrants”),
and (z) series B warrants to purchase up to 17,391,306 shares of common stock (the “ Series B Warrants”) in a registered direct
offering (the “ Offering”) at a purchase price of $1.15 per Share and accompanying warrants or $1.1490 per Pre-Funded Warrant
and accompanying warrants. The Series A warrants will have an exercise price of $1.725 per share subject to standard adjustments for dividends,
splits and similar events; a one-time adjustment on the date of issuance (as described in the warrants), subject to a floor price described
therein; and also subject to adjustment upon a Dilutive Issuance (as described in the warrants), subject to a floor price described therein.
The Series B warrants will have an exercise price of $2.875 per share subject to standard adjustments for dividends, splits and similar
events; a one-time adjustment on the date of issuance (as described in the warrants), subject to a floor price described therein; and
also subject to adjustment upon a Dilutive Issuance (as described in the warrants), subject to a floor price described therein. The Series
B warrants may also be exercised on an alternative cashless basis pursuant to which the holder may exchange each warrant for 3 shares
of common stock. The Series A Warrants and Series B Warrants will be issued at the second closing and will be exercisable immediately
after issuance and have a term of exercise equal to 5 years from the date of issuance. The Pre-Funded Warrants will be exerc