Company: SUNE
Filing Date: 2025-02-28
Form Type: PRE 14A
Source: 0001140361-25-006563
Chunk: 23

Company: SUNation Energy, Inc.
Filing Date: 2025-02-28
Form: PRE 14A
Chunk 23
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 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 . Upon Warrant Stockholder Approval and the issuance of the Series A Warrants, the Series A Warrants will be immediately exercisable until five years after the date of issuance and upon Warrant Stockholder Approval and the issuance of the Series B Warrants, the Series B Warrants will be 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).

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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 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 Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or rounded up to the next whole number.

Exercise Limitation.  A holder will not have the right to exercise any portion