SUNation Energy Inc. (SUNE) shares skyrocketed 99.11 percent, gaining $1.1150 to $2.2450 on Monday after the company announced a definitive reverse merger agreement with Suniva, U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells.
The stock is currently trading at $2.2450, compared with its previous close of $1.1300 on the Nasdaq. During the session, it opened at $2.9850 and traded between $2.5100 and $3.1800. Trading volume surged to 162.16 million shares, far above its average volume of 1.35 million shares.
Under the agreement, Suniva will merge with a wholly owned subsidiary of SUNation, and the combined company is expected to operate under the Suniva name while maintaining SUNation's Nasdaq listing. The transaction values pre-merger SUNation stockholders' equity at approximately $2.26 per share, representing a premium of about 100% over SUNE's most recent closing price, helping fuel the stock's sharp rally.
SUNation Energy shares have traded between $0.6800 and $3.4600 over the past 52 weeks.
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