Benzinga | Dec 7, 2020 08:37AM EST

Sunworks Says Sold ~3.8M Shares Of Common Stock, Raising ~$20M; Used Portion Of Proceeds To Fully Repay Outstanding Balance Of $2.7M Under Loan Agreement With CrowdOut Capital

ROSEVILLE, Calif., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Sunworks, Inc. (NASDAQ:SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, today announced the Company has sold approximately 3.8 million shares of common stock raising approximately $20 million in gross proceeds through "at the market" offerings under its prospectus supplement filed on November 25, 2020. The Company used a portion of the proceeds from the sales of its common stock to fully repay the outstanding balance of approximately $2.7 million under its Loan Agreement with CrowdOut Capital, Inc.

Chuck Cargile, Sunworks Chairman of the Board said, "We have successfully bolstered our balance sheet, eliminated costly debt, and strengthened our working capital position, better positioning us to navigate the COVID-related challenges impacting our operations, our industry, and the economy as a whole. Additionally, we are actively recruiting a permanent Chief Executive Officer (CEO) to lead the next phase of Sunworks' evolution and fulfillment of backlog. The Board and I are encouraged by the qualified candidates and expect to have a permanent CEO in place in the first quarter of 2021."