Sunergy Renewables takes shortcut to Nasdaq stock exchange

Sunergy Renewables, LLC, a Florida, USA-based residential installation company, and Esgen Acquisition Corp. have reached an agreement for a merger. This will allow Sunergy to list on New York stock exchange Nasdaq in the near term. Esgen Acquisition Corp. is a so-called SPAC (Special Purpose Acquisition Company), founded and listed on the stock exchange solely for the purpose of sparing another company the classic IPO by means of an acquisition – a not uncommon path for stock market aspirants, especially in the USA.
Sunergy was founded in 2005 and has achieved a turnover of approximately $ 123 million and an EBITDA of $ 11 million in 2022. Its geographic focus is Texas and Arkansas, in addition to Florida.
SPAC sponsor Esgen LLC (funded by the sponsor's affiliate, Energy Spectrum Partners VIII LP) has committed to a PIPE investment – a rights-excluded equity offering – of $ 10 million in common stock. The transaction is expected to raise gross proceeds of up to $ 65 million for the combined company. The transaction is expected to close in the fourth quarter of 2023.
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