SinglePoint files for Nasdaq up-listing

SinglePoint Inc (OTCQB:SING), a US provider of renewable energy solutions and energy-efficient applications, has filed with the Secutiries and Exchange Commission (SEC) to up-list its shares on the Nasdaq stock exchange.

The company intends to place one million shares in the transaction, seeking gross proceeds of up to USD 6 million (EUR 5.46m) at the currently assumed IPO price of USD 6.00 apiece.

The Phoenix, Arizona-based firm is listed on the OTC Markets where its shares last traded 2.99% lower at USD 0.026, implying a market capitalisation of about USD 45.1 million.

The net proceeds from the offering will go for debt repayment and general corporate purposes, such as possible future acquisition of, or investment in, technologies or businesses that complement the company’s business.

Alexander Capital LP has been tapped as the sole bookrunner for the up-listing transaction.

SinglePoint is a diversified holding company focused on integrated solar energy services, offered mostly through its majority-owned subsidiary, Boston Solar, and air purification solutions through the Box Pure Air unit.

Set up in 2011, Boston Solar has so far installed more than 5,000 residential and commercial solar systems in New England, mostly in Massachusetts. SinglePoint took an 80.1% stake in the business in 2022.

Box Pure Air distributes industrial-grade air purification products designed and manufactured for schools and commercial buildings. SinglePoint bought 51% of the Mount Pleasant, South Carolina-based firm in 2021.

SinglePoint also has ownership interests in various non-core businesses dealing in the agricultural and marketing industries, among others.

(USD 1 = EUR 0.910)

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