November 13 (Renewables Now) – US commercial solar contractor The Peck Company Holdings Inc (NASDAQ:PECK) said on Thursday thatÂ solar power solutions provider Sunworks Inc (NASDAQ:SUNW) has terminated theirÂ merger agreement signed in August because of insufficient shareholder support.
Under the terms of the deal, Peck was supposed to acquire each Sunworks share in exchange for 0.185171 Peck shares.
As of October 9, there were some 16.6 million shares in Sunworks outstanding and giving their holders the right to vote. However, at a special shareholder meeting less than 4.4 million votes were cast, representing 26% of the total, which was below the quorum needed to vote on the deal.
Sunworks and its proxy solicitor thought it unlikely that the required vote could be obtained because of the company’s dispersed shareholder base even if they continued solicitating proxies, so the merger agreement was ended.
Peck had secured enough proxies to back the transaction, but after the agreement was terminated, the company called off its scheduled shareholder meeting.
Both companies noted that they are still willing to find ways to work together.