Orrick has advised Sungevity, Inc., one of the leading national providers of rooftop solar panels, in its merger agreement with asset management firm Easterly Acquisition Corp.
Per the terms of the transaction, all of the outstanding equity and convertible debt of Sungevity will be converted into shares of Easterly common stock. Upon completion of the transaction, Easterly will change its name to Sungevity Holdings, Inc. and will trade on the NASDAQ stock exchange under the ticker symbol SGVT.
Additionally, Sungevity's management team will remain with Sungevity Holdings under the leadership of current CEO and Co-Founder, Andrew Birch. Sungevity Holdings' board of directors will be composed of members from the current boards of both Easterly and Sungevity.
The transaction has been unanimously approved by both boards of directors of Easterly and Sungevity, and is expected to close in the third or fourth quarter of 2016, subject to all requisite regulatory approvals, approval of the stockholders of Easterly and Sungevity, and other customary conditions.
The Orrick team advising Sungevity was led by corporate partner Andrew Thorpe and included M&A and private equity partner Ed Batts, compensation & benefits partner Jason Flaherty, corporate partner Brian Margolis, capital markets associate Michael Hopp, technology companies group associate Julia Ledbetter, M&A and private equity associate Chris Trester, energy and infrastructure associate Gil Shefer and tax partner Steve Malvey.