First Day of Dealings

RNS Number : 7480J

Pineapple Power Corporation PLC

24 December 2020

 

NOT FOR PUBLICATION OR RELEASE IN OR INTO THE UNITED STATES OR AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA, OR ANY PROVINCE OR TERRITORY THEREOF OR TO OR FOR THE ACCOUNT OF ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES OR ANY PERSON RESIDENT IN AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA.

For Immediate Release

24 December 2020

Pineapple Power Corporation PLC

('Pineapple Power' 'PPC' or 'the Company')

Admission to the Official List and first day of dealings

Pineapple Power Corporation PLC, a UK company established as a special purpose acquisition company to seek and acquire businesses in the clean energy sector, is pleased to announce that its ordinary shares of £0.01 each have been admitted to the Standard Segment of the Official List and to trading on the Main Market of the London Stock Exchange, following a successful placing of 43,867,011 ordinary shares at £0.03 pence per share raising gross proceeds of £1,316,010, before expenses.

First dealings in the Ordinary Shares are due to commence at 8am today under the ticker symbol PNPL.

On admission, the Company will have 57,367,211 ordinary shares in issue.

Peterhouse Capital Limited and Axis Capital Markets Limited acted as Joint Placing Agents and Joint Brokers.

The purpose of the flotation is to raise the public profile and provide new funds for the Company's proposed acquisition strategy in the renewable or clean energy technology sector and to finance, develop and promote environmentally sound power generation and storage projects internationally.

Commenting on Pineapple Power's flotation, Claudio Morandi, non-executive Director, said:

"Pineapple's admission to the London Stock Exchange's Main Market is a significant achievement and a very welcome development which puts the Company in a strong position to execute our acquisition and growth strategy."

Company highlights

Pineapple Power Corporation PLC was formed as a special purpose acquisition company with the intention to acquire renewable or clean energy technology companies and to finance, develop and promote those environmentally sound projects internationally.

The Company believes that, due to the highly visible global concerns regarding environmental damage and climate change as a result of fossil-fuelled power generation, there exists considerable commercial opportunities in the renewable and clean energy sector which will play an increasingly significant role in meeting future energy needs while reducing further environmental damage.

Clean energy investment globally has grown in real and relative terms. It is this opportunity which Pineapple Power intends to participate in and augment as a fund-raising vehicle for enterprises seeking access to international markets.

The Company's prospectus published in connection with its listing is available on the Company's website at www.pineapple-powercorp.com and on the National Storage Mechanism.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Pineapple Power Corporation PLC

Claudio Morandi

Director

T: [phone]

Clive de Larrabeiti,

Corporate Finance Advisor

M: [phone]

[e-mail]

Peterhouse Capital Limited

Charles Goodfellow

T: [phone]

[e-mail]

Media Relations

David Burton

Total Market Solutions

[e-mail]

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations.  These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company proposes to operate.  Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements.

All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future.  Forward-looking statements are not guarantees of future performance.  Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements.  In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods

These forward-looking statements speak only as of the date of this document.  Subject to any obligations under the Prospectus Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.  All subsequent written and oral forward-looking statements attributable to the Company or individuals acting on behalf of the Company are expressly qualified in their entirety by this paragraph.

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

Peterhouse Capital Limited and Axis Capital Markets Limited, which are authorised and regulated by the Financial Conduct Authority, are acting only for the Company in connection with the matters described in this announcement and are not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Peterhouse Capital or Axis Capital or advice to any other person in relation to the matters contained herein.

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