EnSync Inc. (ESNC)

[Bypassing]

Interesting find in the recent pr,

Although this purported termination was without basis and was subsequently retracted by the offtaker.

so the deal is still on I guess????

Business Update

Following the end of the second quarter of fiscal 2019, the offtaker for a sizeable project the Company was working on in Hawaii sent the Company a letter purporting to terminate the subject power purchase agreement ("PPA"). Although this purported termination was without basis and was subsequently retracted by the offtaker, the Company's receipt of this termination letter triggered a variety of significantly negative events for the Company including: (i) prevented the Company from successfully concluding negotiations for the sale of the PPA, which was expected to provide significant upfront payments; (ii) the Company delayed or canceled orders for a significant amount of equipment it had ordered in anticipation of commencing the project and facilitating timely completion of the project according to the offtaker's aggressive project timelines, which severely negatively impacted relationships with some key suppliers; and (iii) negatively impacting the Company's ability to pursue financing options, including strategic partnership transactions, PPA project financing facilities, working capital lines of credit, and additional sales of Common Stock or other debt or equity securities, which have also been negatively impacted by the deterioration in the state of the capital markets that began in the second quarter of fiscal 2019.