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Solar Integrated Roofing Corp. Announces $42.0 Million Equity Purchase Agreement with Arbiter Capital
Solar Integrated Roofing Corp. Announces $42.0 Million Equity Purchase Agreement with Arbiter Capital.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"Proceeds to Drive Share Buybacks, Acquisitions and Continued Organic GrowthEL CAJON, CA / ACCESSWIRE / November 3, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has entered into a $42.0 million equity purchase agreement with Arbiter Capital LLC, a Delaware investment firm.Upon entering into the agreement, Arbiter Capital purchased $42.0 million of Solar Integrated Roofing Corp. restricted Series B Preferred Stock, or 6,000,000 preferred shares at $7.00 per share. The proceeds will be used for share buybacks, acquisitions and to invest in continued organic growth."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," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. "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."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," concluded Massey.About Solar Integrated Roofing Corp.Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.Forward-Looking ...