KEY POINTS
- Sunnova shares plummeted Thursday after the announcement of $100 million stock offering plan rattled investor confidence.
- CEO John Berger said Sunnova does not plan to tap the program to raise capital anytime soon.
- āIām going to focus on generating our own cash rather than tapping into an equity,” Berger said.
- Sunnova’s market cap declined by $382 million in the worst day for the company since March 2020.
At the end of the article:
The CEO also addressed a December report that consumers have filed complaints in Texas alleging predatory sales tactics against the elderly. Two Republican members of Congress sent a letter on Dec. 7 to the Department of Energy calling for more scrutiny of Sunnova’s business practices. Sunnova’s stock dropped 16% after the lawmakers sent the letter.
“Whether our dealers did something or not, we typically have gone through and made sure that we’ve made good with the customer. In some of these cases, it’s difficult to find injury,” Berger said. The CEO said it is illegal to decline to sell to someone because of their age.
“There’s a lot of alternative facts that have been put forth in those cases, but it doesn’t excuse us from continuing to try to do better and we’re going to continue to do that,” Berger said.
Alternative facts?
It’s time CEO Berger gets an education!
