Peck Company: Soars on all-stock deal to buy Sunworks

Sunworks

11/08/2020 11:19

** Shares of renewable energy equipment and services co 
 PECK.O  up ~32% at $6.05 premarket; Sunworks  SUNW.O  down ~12%
at $1.09
    ** PECK to acquire solar power solutions provider SUNW in an
all-stock transaction of ~14 mln  urn:newsml:reuters.com:*:nBw5N6wlqa
    ** Per-share value of 0.84 per share, represents a discount
to Sunwork's last close, as per Reuters calculation
    ** Sunworks' stockholders would receive an aggregate of ~3
mln shares of Peck, representing ~36.54% after the merger
    ** Management has identified about $6 mln in anticipated
annualized cost synergies, the companies said in a statement
    ** Separately, SUNW says Charles Cargile will be stepping
down as CEO after more than three years with the company
 urn:newsml:reuters.com:*:nGNX1g60Fr
    ** As of last close, PECK rose 83.5% YTD, while SUNW is
marginally down

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05))