Jensyn Acquisition Corp (NASDAQ: JSYN) stock observed trading -58.12% off 52-week high price. On the other end, the stock has been noted 1.11% away from low price over the last 52-weeks. The stock disclosed a move of -52.90% away from 50 day moving average and -51.72% away from 200 day moving average. Moving closer, we can see that shares have been trading -51.79% off 20-day moving average. It has market cap of $9.14M.
Jensyn Acquisition Corp (NASDAQ:JSYN) a Special Purpose Acquisition Company (SPAC) and Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company, announced that they completed their previously announced combination. The business combination was approved by Jensyn’s stockholders on June 19, 2019, with more than 87% of the voted shares voting in favor of the business combination. Holders of 492,037 shares of Jensyn common stock exercised their redemption rights in connection with the business combination.
As a result of the business combination, Peck Electric Co. has become a wholly-owned subsidiary of Jensyn named The Peck Company Holdings, whose common shares will commence trading on the Nasdaq Capital Market under the symbol PECK.
Additionally, the stockholders of Peck Electric Co. have exchanged their shares in Peck Electric Co. for 3,234,501 shares of Jensyn common stock representing approximately 59% of Jensyn’s outstanding shares. If Jensyn’s adjusted EBITDA is $5,000,000 or more for the twelve-month period following the closing of the business combination or the closing price of Jensyn’s common stock is $12.00 or more the stockholders of Peck Electric Co. are entitled to an additional 898,473 shares of Jensyn common stock.
Jeffrey Peck, Chief Executive Officer of The Peck Company commented: We are pleased to complete our business combination with Jensyn. is a historic moment for The Peck Company as this transaction enhances our already unique position to capitalize on significant growth opportunities across the Northeast and bring more, clean renewable energy to the market. We are confident this partnership marks the next chapter to continue our long-term growth and profitability as a publicly traded company.
Jeffrey J. Raymond, President, CEO and Director of Jensyn Acquisition Corp. stated: It gives Jensyn great pleasure to partner with Peck to further help execute their business initiatives and strengthen their growth opportunities as they enter the market as a public company. We are excited to watch Peck’s continued success as a leading commercial solar engineering, procurement and construction company as they execute their growth plan and deliver shareholder value.
The senior management of Peck will replace Jensyn’s existing management team following the closing of the business combination. Jeff Peck will serve as the Company’s CEO.
Exit Strategy Partners, LLC has acted as an advisor to Jensyn in connection with the proposed business combination and introduced Peck Electric Co. to Jensyn. The USA based company Jensyn Acquisition Corp. moved with change of 0.00% to $5.03 with the total traded volume of 0 shares in recent session versus to an average volume of 12.15K. The stock was observed in the 5 days activity at -55.53%. The one month performance of stock was -52.73%. JSYN’s shares are at -51.78% for the quarter and driving a -50.64% return over the course of the past year and is now at -54.36% since this point in 2018. . The average volatility for the week and month was at 23.18% and 6.06% respectively. There are 1.82M shares outstanding and 0.65M shares are floated in market.
Ricardo Gardner joined the newsdegree.com, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Ricardo is the Senior Editor for newsdegree.com and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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