Orbital Energy Group, Inc. (NasdaqCM:OEG) acquired Front Line Power Construction LLC from Tidal Power Group LLC and Kurt A. Johnson for approximately $210 million on November 17, 2021. The consideration included $100 million in cash paid at closing, Issuance of 12,022,018 shares of restricted common stock to the sellers of FLP and Issuance of two, unsecured promissory notes to the sellers of FLP, in the aggregate principal amount outstanding of $85.64 million. The gross purchase price is being funded by a $105 million 5-year Term Loan, 2-year restricted shares of OEG common stock, and an approximate $85 million promissory note held by the sellers. The term loan is being provided by a consortium of Irradiant Partners, Angelo Gordon, and Barings. Front Line will become a wholly-owned subsidiary of Orbital Energy Group. The senior management team, including Chief Executive Officer & Founder of Front Line, Kurt Johnson, will remain with the company. Orbital Energy Group expects no organizational changes to Front Line Power's successful, long-term operations. The transaction will be immediately accretive to earnings and cash flow and add significant scale to Orbital Energy Group. Piper Sandler & Co. acted as financial advisor to Orbital Energy Group. Romanchuk & Company, PLLC acted as financial advisor to Front Line Power.

Orbital Energy Group, Inc. (NasdaqCM:OEG) completed the acquisition of Front Line Power Construction LLC on November 17, 2021. Subject to the terms and conditions set forth in the MUPA, the purchase price for FLP was $219,936,000, with the consideration structured as follows: $100,545,000 in cash paid at closing; Issuance of 11,622,018 (as amended) of restricted common stock issued to the sellers of FLP, with an aggregate value of $31,670,000 based upon a per share value of $2.725. Issuance of two, unsecured promissory notes to the sellers of FLP, in the aggregate principal amount outstanding of $86,730,000 (“Seller Notes”) (as amended). Payoff of Front Line notes payable in the amount of $991,000. Lawrence E. Wilson of Boyar & Miller served as legal advisor to Tidal Power Group LLC and Kurt A. Johnson. Mike T. Cronin of Johnson, Pope, Bokor, Ruppel & Burns, LLP served as legal advisor to Orbital Energy Group, Inc.