Phoenix-based renewable energy company SinglePoint seeks to raise $6M in Nasdaq uplisting
A Phoenix-based renewable energy company is looking to raise more than $6 million in an uplisting to Nasdaq, according to a filing with the U.S. Securities and Exchange Commission.
SinglePoint, which is currently listed on the over-the-counter market, is planning to offer 1 million shares at $6 each on Nasdaq, where it intends to trade under the ticker symbol “SING.”
The price of $6 per share is the converted close price of the company’s stock on the OTC market as of June 15. Upon listing on Nasdaq, the company’s shares will cease to be traded on the OTC market.
SinglePoint is a holding company that provides solar energy and air purification technologies through its subsidiaries, Boston Solar and Box Pure Air. In 2022, the company acquired Boston Solar, a solar panel installation company headquartered in Massachusetts. Box Pure Air is an air purification equipment distributor based in South Carolina.
SinglePoint plans to use proceeds from the uplisting to repay $500,000 in debt and fund product development, marketing, future acquisitions and other expenses, according to the regulatory filing.
As of June 8, SinglePoint had 9.57 million outstanding shares of common stock. If the company’s uplisting is approved by the SEC, it will have 10.5 million outstanding shares, equating to an estimated market capitalization of more than $63 million, the regulatory filing shows.
SinglePoint did not respond to a request for comment on the timing of its uplisting.
SinglePoint targets interests in high-growth companies
In addition to its solar and air purification businesses, SinglePoint holds interest in an agriculture products supplier, a marketing firm for the solar industry and an automotive technology company.
SinglePoint — which employs 100 people — intends to develop or acquire ownership interests in companies with high-growth potential, in addition to expanding its solar energy business nationwide, according to the regulatory filing.
Since 2011, Boston Solar has installed more than 5,000 residential and commercial solar systems, mostly in Massachusetts.
“We believe that we can build a brand that is synonymous with integrity, strong corporate governance and transparency with an emphasis on social responsibility,” SinglePoint wrote in the filing.
SinglePoint was incorporated as Carbon Credits International Inc. in Nevada in 2007 and later entered a merger agreement with Lifestyle Wireless Inc. In 2013, the company changed its name to SinglePoint.
Since then, SinglePoint spun off some assets and obtained $10 million in equity funding from GHS Investments in 2021.
SinglePoint CEO Wil Ralson told the Business Journal last year the company expected to generate between $25 million and $30 million in revenue in 2023 and planned to grow that figure to between $100 million and $200 million by 2024.
SinglePoint generated $5.7 million in revenue during the first quarter. It reported $21.7 million in revenue in 2022, the regulatory filing shows.
The company, however, has incurred net losses since its inception.
It reported a net loss of $2.4 million in the first quarter of 2023, on the heels of a net loss of $8.9 million in 2022.
As of March 31, it had an accumulated deficit of $97.5 million and held cash and cash equivalents of $500,000.
“To continue operations for the next 12 months, we will have a cash need of approximately $4 million,” SinglePoint wrote in the regulatory filing. “We anticipate funding our operations for the next 12 months using available cash, cash flow generated from our operations and proceeds from this offering.”