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Pineapple Energy Inc. (the "Company") (NASDAQ:PEGY), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, announced today that it has terminated the operating lease for its former corporate office in Minnetonka, Minnesota.
The termination of the lease, which was set to expire in 2027, is expected to save the Company approximately $17,500 per month or $210,000 a year in associated rent. There was a one-time buyout fee associated with the lease termination agreement, and the Company will spread payment of that fee over the next 14-months.
Taking into account the remaining years on the now terminated lease, other related costs, and the effect of the buyout fee, total savings are estimated at approximately $480,000.
Posted In: PEGY
