Solar Integrated Roofing Corporation (OTC:SIRC) Stock Pulls Back From Recent High
Investors are almost always on the lookout for innovative companies, and the number of options is considerable. One of the companies that investors could consider looking into this morning is Solar Integrated Roofing Corporation (OTC:SIRC), which came into focus on Monday and could be worth looking into.
Solar Integrated Roofing is an integrated outfit that is involved in solar power, roofing, and electric vehicle charging systems. Yesterday, it was announced that it had entered into a settlement agreement with Jason Newby, by way of which the claims of the latter were to be resolved. It would also address the counterclaims that had been made by Solar Integrated.
As per the provisions of the settlement, the company would issue a convertible promissory note worth $2.1 million to Newby so as to make the liabilities it has carried on its balance sheet since 2021 formal. The note could be converted into shares of the Solar Integrated common stock at the rate of 80% of the closing price of the stock on the date on which the note had been issued. Additionally, the company also issued Newby 150,000,000 shares of its common stock for the purpose of compensating for sales commissions worth $6,000,000 that had not been paid.
The Chief Executive Officer of Solar Integrated, Brad Reinhart, spoke about the development as well. He noted that everyone at the company was happy to have put the whole episode behind them. He went on to state that through the resolution of the episode in an amicable way, the company and Newby would both put the unpleasant episode behind them. Reinhart also wished Newby well for the future.
The company had been in the news on September 28 when it came up with a key operational and corporate update. Reinhart revealed that the company’s plan to consolidate its operations simultaneously while growing revenues and boosting revenues remained on course. He announced that Solar Integrated had launched a new consolidated plant in San Diego for its Milholland and McKay subsidiaries.
Additionally, the company was also involved in talks with regards to the concluding tenant obligations for the property that week. Additionally, he noted that the company continued to be in talks with Tribeca Energy with regards to the Letter of Intent that Solar Integrated had signed with them. Reinhart stated that the two parties were working towards the consummation of the agreement at a time when both Solar Integrated and Tribeca Energy would be able to accomplish it. It would also need to command a valuation, which would be beneficial to the company’s shareholders.
Perhaps one of the more important updates provided by the CEO was about the fact that revenues remained strong across the three main businesses of the company. Solar Integrated continued to reduce its headcount in certain areas if necessary in order to manage its payroll in a more effective manner. The aim had been to do away with administrative costs wherever possible. He also stated that the company would also post about its construction projects far more actively on its various social media channels.
