Pineapple Power Regulatory News (PNPL)

23 February 2021

Pineapple Power Corporation PLC

Corporate Update

Pineapple Power Corporation plc ("Pineapple Power" or "the Company") is pleased to provide an update on its activities.

Pineapple Power was formed as a "cash shell" with a specific focus on acquisitions in the clean and renewable energy sector, as outlined in its prospectus published on 21 December 2020 (the "Prospectus"), which can be found on the Company's website - www.pineapple-powercorp.com

The Company notes the increase in its share price since its listing became effective on 24 December 2020 and is appreciative of investors' support for the Company. The Company is making this announcement both in response to such share price rise and in light of the numerous requests for an update received by it.

There is consistent news flow about new technology development and the attention of governments world-wide to address the problems of air pollution, environmental damage and global warming related to the continued use of fossil fuels which the Directors consider to be supportive of businesses and investors operating in the renewable energy and clean technology sectors. Accordingly, the Company's Directors continue to believe that, as was stated in the Prospectus, in light of such issues there is a significant commercial opportunity in the renewable and clean energy sectors. Within this broad sector, the Company has a focus on potential opportunities in the battery storage sector, although not to the exclusion of other areas should an attractive opportunity arise.

Due to such extensive media coverage of this industry and its potential for growth, and due to the Company's status as a Main Market-listed "cash shell", Pineapple Power has received a number of approaches to discuss potential transactions. Such approaches are preliminary in nature and the Company's Board and its advisers are in the early stages of considering them, with the relevant counterparty, in accordance with the business strategy, execution and due diligence criteria and processes set out in the Prospectus. The Company is also actively seeking other potential transaction candidates.

None of the situations currently under review are at a stage where it would be appropriate for the Company to announce details to the market. There can be no guarantee or certainty that any of the current matters under discussion will proceed, or on what terms, or that the Company will be able to source potential alternative transactions. The Board of the Company, with its advisers, intends to continue its thorough review and vetting process, and, in accordance with its obligations as a listed company and within market practice, Pineapple Power will announce details in due course of any potential transaction that has progressed to a stage where it would be appropriate to do so, but will not otherwise provide any further updates to the market. 

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