Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces It Has Reached A $42 Million Equity Purchase Agreement With Arbiter Capital; SIRC Will Use Funds For Share Buyback Program, Acquisitions, Continue Organic Growth And Pur-chase An Office Building To Create A Centralized Footprint

Posted November 3, 2021

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: FSLR, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: GM, NYSE: SPRQ, OTC PINK: SIRC

Solar Integrated Roofing Corp. (OTC PINK: SIRC) announces today (November 3, 2021) that it has signed a $42 million Equity Purchase Agreement with Arbiter Capital. Under terms of the deal, Arbiter Capital purchased $42 million of SIRC restricted Series B Preferred Stock, or 6,000,000 preferred shares at $7 per share. The proceeds will be used by SIRC for share buybacks, future acquisitions, invest in continued organic growth and the purchase of an office building. That will give the company a centralized footprint instead of the current disparate locations it now uses. That move, according to Chairman and CEO David Massey, will save SIRC some $300,000 annually.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces It Has Reached A $42 Million Equity Purchase Agreement With Arbiter Capital; SIRC Will Use Funds For Share Buyback Program, Acquisitions, Continue Organic Growth And Purchase An Office Building To Create A Centralized Footprint

David Massey, chairman and CEO of SIRC, said, “The Arbiter Capital commitment gives us the flexibility to invest in our current business, buy back shares and pursue strategies that prioritize growth and other key marketing initiatives.

“The terms of the Agreement provide a low-cost option with no restrictive covenants or warrants. In addition, we have gained an institutional investor that has made a commitment in support of our Company, as evidenced by their investment at a premium to market, as we continue to make progress in the business and build long-term shareholder value,” he said.

Massey also commented, “In addition, this capital will allow us to procure an office building to consolidate our locations into a more efficient, centralized footprint — which we believe could save us about $300,000 annually. I look forward to continued execution in the months ahead as we strive to create sustainable value for our shareholders.” Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces It Has Reached A $42 Million Equity Purchase Agreement With Arbiter Capital; SIRC Will Use Funds For Share Buyback Program, Acquisitions, Continue Organic Growth And Purchase An Office Building To Create A Centralized Footprint.

SIRC announced earlier this week that it had completed its audit and is now preparing to file a near-term application for an up list to the OTCQB® Venture Market. The completed PCAOB audit was for SIRC’s financial statements for its fiscal years ended February 28, 2021 and February 29, 2020. It plans to refile Form 10 with the SEC.

Massey said, “Given our recent acquisitions, we have been able to build a truly impressive platform company and completed the necessary audits for an expected near-term up listing to the OTCQB Venture Market. This enables us to prepare to refile our Form 10 with the SEC, which can be filed once we finalize the audit of each of our subsidiaries acquired during the 2022 fiscal year.”

He added, “In the meantime, our near-term anticipated up list to the OTCQB Venture Market will help us to improve visibility and liquidity of our shares within the capital markets. This is a critical next-step as we march towards our end-goal of a Nasdaq up listing. We believe our transformation into a national brand and the corresponding rapid sales growth have combined to create a well-positioned company that can provide sustainable value to a new tier of institutional investors over the long-term.”

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces It Has Reached A $42 Million Equity Purchase Agreement With Arbiter Capital; SIRC Will Use Funds For Share Buyback Program, Acquisitions, Continue Organic Growth And Purchase An Office Building To Create A Centralized Footprint

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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Shannon Roxborough

Shannon Roxborough is SMP's senior contributor writer. A financial journalist for more than 20 years, he has covered U.S. and global markets across all sectors. A former correspondent with Money magazine and columnist with Small Cap Investor, his writings have appeared in The Wall Street Journal and numerous other financial publications.