Sunworks terminates merger agreement with Peck

The Peck Company Holdings, Inc., a commercial solar engineering, procurement and construction (EPC) company was informed today by Sunworks, Inc., a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, that the Merger Agreement previously announced on August 10, 2020 was terminated by Sunworks due to its inability to obtain stockholder approval.

Peck had been informed that approximately 65% of the shares voted had voted in favor of the merger but Sunworks and its proxy solicitor did not believe adjourning the Special Meeting and continued solicitation of proxies would enable it to obtain the requisite stockholder vote due to Sunwork’s widely dispersed stockholder base. Accordingly, Sunworks terminated the merger but indicated its desire to continue to have strategic discussions to determine other ways for the two companies to work together.

Peck had received sufficient proxies to approve the merger but, due to Sunwork’s termination, Peck canceled its scheduled Special Meeting of Stockholders.