- Correlate looks to enjoy greater access to analyst coverage, and increased investor awareness should its application to uplist to the Nasdaq Exchange go through
- The company continues to execute its publicly announced acquisition strategy, the first step in pursuit of approval for uplisting
- Its management is confident that this will improve the company’s visibility, allowing it to showcase its achievements to a growing pool of investors
- This application comes when green energy alternatives are under threat, with solar deployment estimated to drop by 50% in 2022 in the U.S.
On April 1, 2022, Correlate Infrastructure Partners (OTCQB: CIPI) announced the completion of its corporate name change from Triccar, Inc. This change would also reflect in its ticker symbol to “CIPI” in a move that was aimed at reflecting the company’s business model and operational focus going forward (https://ibn.fm/ekRVD).
The rebrand was mainly fueled by the merger of two operating companies, Correlate, Inc. and Loyal Enterprises LLC, which was completed in December 2021. While making the announcement, Todd Michaels, the company’s Chief Executive Officer (“CEO”), noted that the company was excited about the potential for future growth. Most notably, he acknowledged a vast untapped market, with only 3% of buildings in the United States optimized for efficiency, sustainability, renewable energy, and electric vehicle support at the time.
In a move that aligns with Correlate’s initial goals and marks the next step following the merger and rebrand, the company announced that it had begun applying for uplisting to the Nasdaq Exchange from the OTCQB. Its management believes that the move will provide enhanced investor benefits, including, but not limited to, higher reporting standards, greater access to analyst coverage and news services, as well as more comprehensive compliance requirements (https://ibn.fm/muc5U).
“Uplisting to the Nasdaq will be a significant milestone in the growth of Correlate Infrastructure Partners as a company, and we expect the uplist to enhance our visibility in the investment community, increase trading liquidity, open the company to institutional investors and broaden our shareholder base,” noted Mr. Michaels.
To qualify for the uplisting, Correlate continues to execute its publicly announced acquisition strategy in the first step in pursuit of reaching the Nasdaq Exchange. However, the company’s application will still be reviewed to ensure that all regulatory requirements are met.
Correlate will enjoy greater access to analyst coverage and news services if the application goes through. It will also benefit from the increased transparency, reporting standards, management certification, and compliance requirements that come with being listed on the Nasdaq. Ultimately, this level of exposure will afford Correlate increased investor awareness, greater liquidity, and visibility for its securities.
“We are committed to providing investors with high-quality trading and improved market visibility and are excited to showcase our achievements to a growing base of U.S. and international investors,” noted Channing Chen, Correlate’s Chief Financial Officer (“CFO”).
“We look forward to leveraging this momentum as we remain focused on building Correlate as a leading provider of energy optimization and clean energy solutions for the commercial real estate industry,” he added.
This move by Correlate comes at a period where green energy alternatives, specifically solar power, are significantly under threat. Despite there being more solar power capacity in nine U.S. cities than in the entire country ten years ago, the immediate future of solar power looks bleak.
The threat of new tariffs on solar panels makes rooftop solar installations less financially attractive to homeowners and small businesses alike. In addition, states like California are revamping their net-metering policy for rooftop solar, which will see increased charges and less incentive for homeowners to set up solar power infrastructure on their premises. If the current trend continues, 2022 could see a 50% drop in solar deployment in the country (https://ibn.fm/FWtMo).
Regardless, Correlate is still optimistic that there will be increased adoption of solar energy, marking an existing opportunity for the company to contribute to reduced carbon emissions and help businesses sustainably improve their buildings’ net operating income.
For more information, visit the company’s website at www.CorrelateInfra.com.
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://ibn.fm/CIPI
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