Jensyn’s existing management will be replaced by the senior management of Peck following the closing of business combination.
The New Jersey headquartered – Jensyn Acquisition Corp. a special purpose acquisition company (SPAC), has announced to have completed its previously announced business combination with Peck Electric Co.
As per sources, Peck Electric Co. is a leading commercial solar engineering, procurement and construction (EPC) company based in Vermont.
For the record, the business combination was approved by Jensyn’s stockholders with more than 87% of the voting result favoring the business combination. Hence, Jensyn has become the fully owned parent company of Peck Electric Co. and the company will commence trading on NASDAQ capital market under the name PECK.
Jeffrey Peck, CEO, Peck Electric Co. was reportedly quoted stating that the combination of both the companies will enhance their existing position to capitalize on the significant growth opportunities across the Northeast America and provide cleaner renewable energy to the market. The partnership will add to the long-term growth and profits of Peck as a public trading company, he further added.
According to industry experts, the stockholders of Peck Electric Co. have exchanged their shares for 3,234,501 shares of Jensyn, common stock representing approximately 59% of Jensyn’s outstanding shares.
Jeffrey J. Raymond, President, CEO and Director of Jensyn Acquisition Corp, reportedly stated that the partnership with Peck will help the company execute their business initiatives and strengthen their growth opportunities as they enter the market as a public company. Jensyn wishes to see the continued success of Peck as a commercial solar EPC leader while they execute their growth plan and provide shareholder value, he further added.
Reportedly, Jensyn’s existing management will be replaced by the senior management of Peck following the closing of business combination. Jeff Peck will serve as the CEO of the company.
As per trusted sources, financials related to the deal have not been disclosed so far.