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ISUN, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

06/22/2021 | 08:49am EDT

Item 1.01 Entry into a Material Definitive Agreement.

On June 21, 2021, iSun, Inc. (the "Company"), entered into a Sales Agreement (the "Sales Agreement") with B. Riley Securities, Inc. ("B. Riley"), as sales agent, pursuant to which the Company may offer and sell, from time to time, through B. Riley shares of its Common Stock, par value $0.0001 per share (the "Common Stock").

The Company is not obligated to sell any shares under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, B. Riley will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Capital Market ("Nasdaq") to sell shares from time to time based upon the Company's instructions, including any price, time or size limits specified by the Company (the "ATM Offering"). Upon delivery of a placement notice, and subject to the Company's instructions in that notice, and the terms and conditions of the Sales Agreement generally, B. Riley may sell the Common Stock by any method permitted by law deemed to be an "at the market offering" as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. B. Riley's obligations to sell shares under the Sales Agreement are subject to satisfaction of certain conditions, including the effectiveness of the Registration Statement on Form S-3 (the "Registration Statement") filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") on December 4, 2020 and other customary closing conditions. The Company will pay B. Riley a commission of 3.0% of the aggregate gross proceeds from each sale of shares and has agreed to provide B. Riley with customary indemnification and contribution rights. The Company has also agreed to reimburse B. Riley for certain specified expenses.

On June 22, 2021, the Company filed a Prospectus Supplement with the SEC relating to the offer and sale of up to $39,500,000 of Common Stock in the ATM Offering.

Shares of Common Stock will be offered and sold pursuant to the Registration Statement, the Base Prospectus that forms a part of such Registration Statement, filed with the SEC on December 4, 2020 and declared effective by the SEC on December 11, 2020 and the Prospectus Supplement referenced above.

The foregoing summary of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, which is attached as an exhibit to this Current Report on Form 8-K.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.


Item 9.01 Financial Statements and Exhibits.

(d)      Exhibits

  1.1   Sales Agreement, dated June 21, 2021, between iSun, Inc. and B. Riley
        Securities, Inc.


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