Orion Energy Systems to be Acquired by Generation3 Capital
Ticker: OESX · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1409375
| Field | Detail |
|---|---|
| Company | Orion Energy Systems, Inc. (OESX) |
| Form Type | 8-K |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00, $1.00 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, going-private, merger
TL;DR
Orion Energy Systems is going private in a deal with Generation3 Capital, expected to close Q3 2024.
AI Summary
Orion Energy Systems, Inc. announced on June 20, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Generation3 Capital Partners. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition will result in Orion Energy Systems, Inc. becoming a privately held company.
Why It Matters
This acquisition marks a significant shift for Orion Energy Systems, moving from public to private ownership, which could impact its strategic direction and operational focus.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, and the transition to private ownership may introduce new operational and strategic risks.
Key Players & Entities
- Orion Energy Systems, Inc. (company) — Company being acquired
- Generation3 Capital Partners (company) — Acquiring entity
- June 20, 2024 (date) — Date of announcement
- third quarter of 2024 (date) — Expected closing period
FAQ
Who is acquiring Orion Energy Systems, Inc.?
An affiliate of Generation3 Capital Partners is acquiring Orion Energy Systems, Inc.
What is the expected closing timeframe for the acquisition?
The transaction is expected to close in the third quarter of 2024.
What is the current ownership status of Orion Energy Systems, Inc.?
Orion Energy Systems, Inc. is currently a publicly traded company that will become privately held upon the completion of the acquisition.
What conditions must be met for the acquisition to close?
The acquisition is subject to customary closing conditions.
What is the date of the announcement regarding the acquisition agreement?
The announcement regarding the definitive agreement was made on June 20, 2024.
Filing Stats: 478 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-06-20 07:39:02
Key Financial Figures
- $1.00 — ntain the required minimum bid price of $1.00 per share for a period of 30 consecutiv
- $1.00 m — pany's common stock was at or above the $1.00 minimum price per share for a period of t
Filing Documents
- oesx-20240620.htm (8-K) — 35KB
- 0000950170-24-075313.txt ( ) — 141KB
- oesx-20240620.xsd (EX-101.SCH) — 23KB
- oesx-20240620_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On June 18, 2024, Orion Energy Systems, Inc. (the "Company") received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it had regained compliance with Listing Rule 5550(a)(2) ("Bid Price Rule"). As previously reported, the Company was notified on April 5, 2024 that it had fallen out of compliance with the Bid Price Rule, because its common stock failed to maintain the required minimum bid price of $1.00 per share for a period of 30 consecutive business days. Since then, the Nasdaq staff determined that the closing bid price of the Company's common stock was at or above the $1.00 minimum price per share for a period of ten consecutive business days, from June 3, 2024 to June 17, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ORION ENERGY SYSTEMS, INC. Date: June 20, 2024 By: /s/ J. Per Brodin J. Per Brodin Chief Financial Officer