SUNation Energy (SUNE) Proxy Filing summary

Executive summary

• Supplement provides details on a 1-for-15 reverse stock split effective June 12, 2024, to address Nasdaq minimum bid price compliance.

• The reverse split reduced outstanding and authorized shares, with fractional shares settled in cash.

• Board continues to recommend approval of a new reverse stock split proposal at the 2024 Annual Meeting to maintain compliance flexibility.

• Failure to maintain a $1.00 bid price for 10 consecutive days by July 24, 2024, may result in Nasdaq delisting.

• Forward-looking statements caution that plans may not achieve intended results due to market fluctuations and other risks.

Voting matters and shareholder proposals

• Shareholders are asked to approve an amendment allowing a reverse stock split at a ratio between 1-for-2 and 1-for-200.

• Board recommends voting in favor of the proposal to provide flexibility for future compliance needs.

• Proxy votes already submitted remain valid unless changed or revoked by shareholders.

Shareholder rights and capital structure

• June 2024 reverse split combined every 15 shares into one, reducing authorized shares from 112,500,000 to 7,500,000.

• No fractional shares issued; cash paid for fractions.

• All shareholders affected uniformly, with no change in percentage ownership except for fractional adjustments.