Sunworks, Inc. (NASDAQ: SUNW) is a leading manufacturer of solar power systems for superior efficiency. Sunworks is committed to providing world-class quality products that exceed industry standards and adhere to honesty and safety principles.
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The company stock rose 21.03% to 7.020 in the pre-market after the Company revealed that under the prospectus supplement filed on November 25, 2020, it had sold approximately 3.8 million shares of common stock, raising roughly $20 million in gross proceeds. Under its Loan Arrangement with CrowdOut Finance, Inc., the Firm uses a part of the proceeds from selling its common stock to repay the existing loan of around $2.7 million fully.
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”We have successfully strengthened our balance sheet, reduced expensive debt, and enhanced our working capital position, better positioning us to address the COVID-related challenges affecting our operations, our sector, and the economy as a whole,” said Chuck Cargile, Chairman of the Board of Sunworks.