Company: SUNE
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0001140361-25-007723
Chunk: 23

Company: SUNation Energy, Inc.
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 23
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 declared effective by the Securities and Exchange Commission on September 22, 2022, including the Prospectus contained therein and a prospectus supplement dated February 27, 2025, filed with the Securities and Exchange Commission on February 27, 2025. The following summary of certain terms and provisions of the Warrants is not complete and is subject to and qualified in its entirety by the provisions of the forms of Warrants which were filed as exhibits to the Company’s Form 8-K filed with the SEC on February 27, 2025. Exercisability . Following the approval of the Issuance Proposal (the “Warrant Stockholder Approval”), the Series A Warrants will be issued and become immediately exercisable until five years after the date of issuance. Following the Warrant Stockholder Approval, the Series B Warrants will be issued and become immediately exercisable until five years after the date of issuance. Each of the Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice accompanied by payment in full in immediately available funds for the number of shares of Common Stock subscribed for upon such exercise (except in the case of a cashless exercise as discussed below). Cashless Exercise and Alternative Cashless Exercise . If a registration statement registering the issuance of the shares of Common Stock underlying the Warrants under the Securities Act is not effective and/or a prospectus or the resale

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of shares of Common Stock underlying the Warrants is not available, the holder may, in its sole discretion, elect to exercise the Warrants through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Warrants, as applicable.

Additionally, under such a circumstance, with respect to the Series B Warrants only, the holder may also effect an “alternative cashless exercise” on or after the issuance date of the Series B Warrants (the “Issuance Date”). In such event, the aggregate number of Series B Warrant Shares issuable in such alternative cashless exercise shall equal the product of (x) the aggregate number of Series B Warrant Shares that would be issuable upon exercise of the Series B Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 3.0.

No fractional shares of Common Stock will be issued in connection with the exercise of a