Tuesday, November 05, 2019 8:42:11 AM
DALLAS, Nov. 4, 2019 /PRNewswire/ -- PRINCIPAL SOLAR, INC. (OTCPINK: PSWW) the "Company" or "PSWW" today announced that it has signed a binding term sheet to acquire Dallas-based Zona Energy, Inc. in a reverse triangular merger transaction, subject to FINRA approval, targeted to close in the 4th quarter of 2019 or early 2020.
The binding term sheet, which is subject to the execution of a definitive agreement, shareholder approval, and FINRA approval, outlines many conditions to closing including: amendment of the PSWW Certificate of Incorporation to increase authorized shares to 300,000,000 with 2,000,000 shares designated as preferred and 298,000,000 designated as common; the execution by PSWW of a purchase and sale agreement with an affiliate of Zona Energy, Inc. for the purchase of various oil and gas working interests in approximately 15,000-20,000 acres surrounding the current Zona acreage position to create a large contiguous Zona block of 20,000 to 25,000 acres with a targeted closing prior to December 31, 2019; a name change of PSWW, symbol change, and new CUSIP number; amendment by PSWW of its certificate of incorporation to provide for a reverse split of 10 to 1; and the filing by PSWW of appropriate articles of merger between its newly formed subsidiary and Zona Energy, Inc. whereby Zona becomes a wholly owned sub of PSWW. As a result of the merger, and post-reverse split, current Zona shareholders will receive 1 share of PSWW for each share of Zona held. No assurances can be provided that the merger transaction and the accompanying conditions will be completed or close timely.
https://www.prnewswire.com/news-releases/principal-solar-inc-to-acquire-zona-energy-inc-300951216.html
$PSWW
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