India, June 8 -- SUNation Energy Inc. (SUNE) shares skyrocketed 99.11 percent, gaining $1.1150 to $2.2450 on Monday after the company announced a definitive reverse merger agreement with Suniva, U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells.
The stock is currently trading at $2.2450, compared with its previous close of $1.1300 on the Nasdaq. During the session, it opened at $2.9850 and traded between $2.5100 and $3.1800. Trading volume surged to 162.16 million shares, far above its average volume of 1.35 million shares.
Under the agreement, Suniva will merge with a wholly owned subsidiary of SUNation, and the combined company is expected to operate under the Suniva name while maintaining SUNation's Nasd...