Solar Integrated Roofing Corp., a provider of solar power, roofing and EV charging systems based in Henderson, Nev., announced on April 20 it had entered into an exchange agreement with Granite Global Value Investments LTD to extinguish a $14 million promissory note held by the investment firm. 

In a news release, Granite reported agreeing to cancel the $14 million note issued by the company in June 2022 in exchange for four million shares of common stock.

“Securing this exchange agreement is a key milestone in our ongoing de-leveraging initiatives, as we remain focused on SIRC’s next stage of growth,” said David Massey, Chief Executive Officer of SIRC. “We now have significantly more flexibility to pursue potential strategic transactions or up-list to a senior stock exchange. We remain focused on operational execution across our businesses, with the goal of unlocking and maximizing value for our shareholders.”

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