Akeena Solar Completes Merger and Goes Public

In business, the right timing is often well rewarded. During the same week California’s Million Solar Roofs Bill passed the state’s legislature, one of California’s well-established project integrators began trading publicly.

Akeena Solar, a designer and installer of solar power systems, announced it completed a public company merger transaction and expects to trade on the Over the Counter Bulletin Board in the near future. According to Barry Cinnamon, president and CEO of Akeena, on August 11th, 2006 Akeena Solar merged into an inactive shell company called Fairview Energy. The result of this transaction is that Akeena Solar is the ongoing entity, and will begin trading its stock initially on the OTC bulletin board shortly after its accountants complete their review of Q2. As part of this merger, the company raised approximately $2.5 million in equity capital at $1 per share of common stock. Currently there are about 3.7 million shares in the public float, and a total of about 15 million shares issued and outstanding. “Why did we take this approach? Well, it is my belief that the solar industry will continue to grow at a rapid pace — and that the design/integration part of the value chain will consolidate,” Cinnamon said. “Companies that have access to capital and publicly traded stock are in a better position to take advantage of this inevitable consolidation.”
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