News Spotlight: Jensyn Acquisition Corp. (NASDAQ: JSYN)

Jensyn Acquisition Corp. (NASDAQ:JSYN) stock observed trading -58.12% off 52-week high price. On the other end, the stock has been noted 1.11% away from low price over the last 52-weeks. The stock disclosed a move of -52.90% away from 50 day moving average and -51.72% away from 200 day moving average. Moving closer, we can see that shares have been trading -51.79% off 20-day moving average. It has market cap of $9.14M.

 Jensyn Acquisition Corp. (NASDAQ:JSYN) a Special Purpose Acquisition Company (SPAC) and Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company,  announced that the business combination was overwhelmingly approved by Jensyn’s stockholders. The transaction is expected to close on June 20, 2019 subject to the satisfaction of customary closing conditions.

At the Special Meeting, more than 87% of the issued and outstanding shares which voted were in favor of the business combination.

Upon the closing of the business combination, the stockholders of Peck Electric Co. will exchange their shares in Peck Electric Co. for 3,234,501 shares of Jensyn common stock representing approximately 59% of Jensyn’s outstanding shares after giving effect to the business combination. In addition, the stockholders of Peck Electric Co. will be entitled to an additional 898,473 shares of Jensyn common stock if Jensyn’s adjusted EBITDA is $5,000,000 or more for the twelve-month period following the closing of the business combination or the closing price of Jensyn’s common stock is $12.00 or more at any time during such twelve-month period.

Consistent with the terms of the business combination, at the closing, Peck Electric Co. will become a wholly-owned subsidiary of Jensyn that will be named The Peck Company Holdings (Peck) whose common stock is expected to be listed on The NasdaqCapital Market under the symbol PECK.

Commenting on the vote from Peck Electric Co., Jeffrey Peck,Chief Executive Officer stated:  marks an exciting and important milestone for Peck Electric, as stockholders of Jensyn approved the business combination.  We believe this approval reflects their recognition and understanding of our history of profitable growth and that we are uniquely positioned to bring moreclean renewable energy online and capitalize on the significant growth opportunities across the Northeast and other key solar installation markets.  We look forward to executing on our growth strategy as a publicly traded company and delivering profitable growth to our stockholders.

Remarking from Jensyn, Jeffrey J. Raymond, President, CEO and Director, stated: We are very pleased to announce stockholders’ approval of our business combination with Peck Electric Co. – the leading solar EPC in the Northeast and one of the largest in the U.S.  Peck Electric has installed some of the largest commercial and utility-scale solar arrays in the state of Vermont and is poised to scale its profitable business through rapid expansion to other states throughout the Northeast.  We look forward to partnering with Peck Electric as a publicly traded company and helping them achieve their business objectives and deliver shareholder value.

The senior management of Peck will replace Jensyn’s existing management team following the closing of the business combination. Jeff Peck will serve as the Company’s CEO.  The USA based company Jensyn Acquisition Corp. moved with change of 0.00% to $5.03 with the total traded volume of 0 shares in recent session versus to an average volume of 12.15K. The stock was observed in the 5 days activity at -55.53%. The one month performance of stock was -52.73%. JSYN’s shares are at -51.78% for the quarter and driving a -50.64% return over the course of the past year and is now at -54.36% since this point in 2018.  . The average volatility for the week and month was at 23.18% and 6.06% respectively. There are 1.82M shares outstanding and 0.65M shares are floated in market.

Leave a Reply

Your email address will not be published. Required fields are marked *