Sunworks, Inc. Amends Term Loan Agreement and Agrees to Pay Down $1.5 Million in Debt as Part of Deleveraging Initiative; Announces Changes to the Board
January 29, 2020 at 08:00 am EST
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Sunworks, Inc. announced that the company has agreed to an amendment to its loan agreement with CrowdOut Capital, LLC, whereby the company will reduce the outstanding balance of its $3.0 million senior note due January 31, 2021 by $1.5 million. As part of this amendment, CrowdOut has waived its right to appoint a board member to the company's board of directors; provided, Sunworks continues to comply with the remaining obligations under the loan. As a result, Josh Schechter has announced his resignation from the board, effective immediately and the board of directors will be reduced from six directors to five.
In addition, the four remaining independent directors have named Chuck Cargile, Sunworks Chief Executive Officer, as the Company's new Chairman.
Sunworks, Inc. provides photovoltaic (PV) and battery-based power and storage systems for residential and commercial markets. The Company's commercial projects include commercial, agricultural, industrial, and public works projects. It operates through three segments: Residential Solar, Commercial Solar Energy, and Corporate. Residential Solar segment designs, arrange finances, integrates, installs, and manages systems, primarily for residential homeowners. The Commercial Solar Energy segment designs, arrange finances, integrates, installs, and manages systems ranging in size from 50kW (kilowatt) to multi-MW (megawatt) systems primarily for larger commercial and public works projects. Its commercial installations include installations at office buildings, manufacturing plants, warehouses, service stations, churches, and agricultural facilities such as farms, wineries, and dairies. Its public works installations include school districts, federal facilities and local municipalities.
Sunworks, Inc. Amends Term Loan Agreement and Agrees to Pay Down $1.5 Million in Debt as Part of Deleveraging Initiative; Announces Changes to the Board
SUNWORKS, INC. 