PECK - Failing to secure stockholder approval Sunworks terminates merger deal with Peck

Sunworks (SUNW) perks 4% premarket after terminating the merger agreement with The Peck Company Holdings (PECK), down 5%.The agreement inked on August 10 was cancelled due to Sunworks' inability to obtain stockholder approval. As on the record date of October 9, there were 16,628,992 shares of Common Stock outstanding and entitled to vote. However, at the Special Meeting only 4,362,575 votes were cast, or 26% of the total outstanding shares.This total fell short of the quorum required to vote on the proposed merger.Peck had been informed that ~65% of the shares had voted in favor of the merger but Sunworks and its proxy solicitor did not adjourn the Special Meeting and continued solicitation of proxies that would enable it to obtain the requisite vote. Peck had received sufficient proxies to approve the merger but, due to Sunwork’s termination, Peck cancelled its scheduled Special Meeting of Stockholders.

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Failing to secure stockholder approval, Sunworks terminates merger deal with Peck