8/17/2023 0 Comments Sunlight financial stockSunlight’s business model is relatively straightforward. Those shares are technically non-economic – bestowing only voting rights – but are convertible into Class A stock or cash equivalent. As such, it is capitalized by two classes of stock: ~84.8 million shares of publicly traded Class A common stock that confers one vote per share and ~47.6 million shares of privately held (pre-IPO owners) Class C common stock. The company is an umbrella partnership C corporation (Up-C) that – without getting into unnecessary detail – is employed by the pre-IPO owners as a tax advantaged device. Shares of SUNL trade just below $6.00 a share, equating to a market cap just north of $500 million. Each full five-year warrant entitles the holder to purchase one share of Class A stock at $11.50. Spartan raised net proceeds of $332.9 million in a November 2020 IPO at $10 per unit, consisting of one share of Class A common stock and a one-half of one warrant. The company went public when it merged with blank check company Spartan Acquisition Corp. The company was formed in 2014 and launched its solar offering in 2016, followed by its entry into the home improvement business in 2019. The company’s network consists of ~1,400 contractors and seven capital providers with Sunlight earning a platform fee on every loan it enables. ( NYSE: SUNL) is a Charlotte, North Carolina based business-to-business-to-consumer financing platform that facilitates solar and home improvement loans to the residential customers. Can the shares rebound? We examine that question in the analysis below. ![]() The stock is deep in ' Busted IPO ' territory as can been seen below. Today, we take our first in-depth look at small-cap financial firm in a fast-growing niche of the market. You can shut it out for a time, but it ain't going away.” - Elvis Presley
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |