In a move to strengthen its executive team, Pineapple Energy Inc. (NASDAQ:PEGY) has announced the appointment of Andrew Childs as its new Chief Financial Officer, effective August 28, 2024. The announcement came through an 8-K filing with the Securities and Exchange Commission.
Childs, 45, brings a wealth of financial expertise to Pineapple Energy, with a track record of leadership roles in both private and public companies. Before joining Pineapple Energy, Childs served as CFO at Conduit Capital Partners, focusing on strategic initiatives for EPC public companies and managing sustainable institutional equity and debt funds. His prior roles include CFO of The Conduit and Senior Vice President of North America for Soho House, where he oversaw significant revenues.
As part of his compensation package, Childs will receive an annual base salary of $250,000, with the potential for an annual bonus of up to 40% of his base salary, subject to the discretion of the Board and the Compensation Committee. He will also have access to the company's standard benefit plans and programs.
The filing also clarifies Childs' previous association with Conduit Capital, a debtholder in Pineapple Energy. It states that Childs no longer holds a position with Conduit Capital and is not a board member of Pineapple Energy, thus he will have no voting power or control over either entity. Any future transactions that might require related party transaction disclosures will be provided as required.
This strategic hire comes as Pineapple Energy, a company with a history in telecommunications apparatus manufacturing, continues to navigate a dynamic and competitive landscape. The full details of Childs' offer letter are attached to the 8-K filing as Exhibit 10.1.
The appointment of Andrew Childs is a key step for Pineapple Energy as it seeks to bolster its financial leadership and strategic planning capabilities. The information regarding this appointment is based on a press release statement.
In other recent news, Pineapple Energy reported mixed Q2 2024 results with revenues of $13,549,420 and a net loss of $5.6 million. Despite a decline in gross profit and increase in operating losses, the company saw a 37% decrease in operating expenses year over year. Notably, the company's subsidiary, SUNation, reported increased sales and operational metrics in New York.
In a significant development, Pineapple Energy successfully completed an initial capital fundraising round exceeding $1 million, in collaboration with Conduit Capital and MBB Energy. The company also expanded its authorized shares of common stock from 7,500,000 to 133,333,333, following a shareholder vote.
Board changes were also noted with Scott Honour and Thomas J. Holland leaving their positions, and the appointment of Spring Hollis as a director. Pineapple Energy also secured two separate bridge loan agreements for working capital purposes, totaling $1 million in principal amount.
Furthermore, Pineapple Energy has regained compliance with Nasdaq's stockholders' equity requirements, following a series of strategic efforts.
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