8-K
PIONEER POWER SOLUTIONS, INC. (PPSI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 28, 2022
PIONEER POWER SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35212 | 27-1347616 |
|---|---|---|
| (State of incorporation)<br><br> <br><br><br> <br><br><br> <br>400 Kelby Street, 12th Floor<br><br> <br>Fort Lee, New Jersey<br><br> <br>(Address of principal executive offices) | (Commission File Number) | (I.R.S. Employer Identification No.)<br><br> <br><br><br> <br>07024<br><br> <br>(Zip Code) |
(212) 867-0700
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17<br> CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17<br> CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | PPSI | Nasdaq Stock Market LLC (Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On January 28, 2022, Pioneer Power Solutions, Inc. (the “Company”) issued a press release announcing that it has received a $788,000 purchase order for its E-Boost© mobile Electric Vehicle (EV) charging solution. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished pursuant to Item 7.01 and shall not be deemed to be filed for purposes of Section 18 of the Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated January 28, 2022 (furnished herewith pursuant to Item 7.01) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PIONEER POWER SOLUTIONS, inc. | ||
|---|---|---|
| Date: January 28, 2022 | By: | /s/ Nathan J. Mazurek |
| Name: | Nathan J. Mazurek | |
| Title: | Chief Executive Officer |
Pioneer Power Solutions, Inc. 8-K
Exhibit 99.1
Pioneer Power Receives $788,000 Purchase Order for E-Boost
Mobile EV Charging Solution
Native American Hotel and Casino to Deploy Innovative Solution to Charge EVs for
Guests and for Special Events
FORT LEE, N.J., January 28, 2022 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" "Pioneer Power" or the "Company"), a leader in the design, manufacture and integration of electric power systems and service, including on site power, back-up power and distributed energy systems and controls, today announced that it has received a $788,000 purchase order for its E-Boost^©^ mobile Electric Vehicle (EV) charging solution. E-Boost, which launched on November 8, 2021, is a suite of smart, off-grid, mobile EV charging solutions, designed to meet the growing demand for flexible, mobile and temporary EV charging at events, military deployments, car dealerships, in roadside assistance situations, or wherever mobile EV charging is needed.
The purchase order is valued at approximately $788,000 and is scheduled to be delivered during the first quarter of 2022. The mobile, trailer-mounted unit, or E-Boost Mobile, will be delivered to a Native American hotel and casino in Minnesota. This Native American Tribe owns more than 50 casinos in the United States, and this purchase represents their first mobile EV charging initiative at one of their flagship properties.
“Industry estimates suggest that sales of EVs will grow at a compound annual growth rate (CAGR) of better than 20% through at least 2030, representing the fastest-growing segment of the automotive market,” commented Nathan Mazurek, Pioneer’s Chairman, and Chief Executive Officer. “Developing sustainable, propane-powered, charging solutions for these EVs, wherever they may travel, is a key component of enabling this growth and electrifying our roads while minimizing carbon emissions as much as possible. Our smart, innovative and custom mobile solutions are available today to meet this need, and this first order, less than 90 days after we launched the suite of products, demonstrates the growing demand for this technology. These solutions can be deployed in countless ways, and we have designed these offerings to address multiple applications and countless potential customers.”
“Customers are eager for these solutions, and the response since we launched this initiative in November has been overwhelming,” added Geo Murickan, President of the Pioneer Power Mobility unit. “We enjoy a significant first-to-market advantage. Leveraging Pioneer’s deep industry expertise in customized power solutions, we were able to quickly design, prototype, validate, and launch the E-Boost line, and booking the first order in less than three months underscores the strong and growing demand for our mobile EV charging solutions.”
Key features of this E-Boost Mobile solution include:
| · | A<br>400 kw generator integrated on a trailer, powered by clean propane |
|---|---|
| · | Rooftop<br>solar power and battery storage |
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| · | One<br>level-3, 120kw high-capacity dual DC charger with dual cables for rapid charging |
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| · | Two<br>level-2, stationary chargers, enabling up to four vehicles to be recharged simultaneously |
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| · | Complete<br>compatibility with CCS, CHAdeMO & Tesla plug-in standards |
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| · | An<br>adjoining internet café trailer, providing users with a 120V power connection, high-speed internet access, and healthy snacks<br>and drinks from a vending machine all while their EVs recharge |
| --- | --- |
| · | This<br>solution can also supply a large portion of the casino’s backup power needs when required |
| --- | --- |
| · | Seamless<br>and sophisticated hardware and software integration to ensure hands-free, automated refueling and remote monitoring and maintenance for<br>continuous uptime. |
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To learn more about the entire suite of E-Boost products, please visit http://www.pioneer-emobility.com/.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design, manufacture and distribution of on-site power equipment, distributed generation and Energy infrastructure for applications in the EV, utility, industrial, commercial and backup power markets. The Company’s principal products include EV charging products, distribute energy resource management, switchgear and engine-generator controls, complemented by a national field-service network to maintain and repair power generation assets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company’s ability to successfully increase its revenue and profit in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations in the Company’s operating results, (iv) the fact that many of the Company’s competitors are better established and have significantly greater resources than the Company, (v) the Company’s dependence on a single customer for a large portion of its business, (vi) the potential loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the Company’s ability to realize revenue reported in the Company’s backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the fact that the Company’s chairman may develop interests that diverge from yours, (xii) the liquidity and trading volume of the Company’s common stock and (xiii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual and Quarterly Reports on Form 10-K and Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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