Onsite Energy Corporation (OTC PIN: ONSE) (“Onsite”) announced today that its Board of Directors and stockholders representing a majority of the voting and outstanding shares of capital stock of Onsite approved a Plan of Dissolution and Distribution. The Certificate of Dissolution was filed with the Delaware Secretary of State on August 26, 2019. Immediately after the close of business on September 6, 2019, Onsite intends to close its stock transfer books and discontinue recording transfers of its Class A Common Stock, except by will, intestate succession or operation of law.
Pursuant to the Plan of Dissolution and Distribution, Onsite also announced that the Board of Directors approved an initial liquidating cash distribution of $0.34 per share of Class A Common Stock, payable to each stockholder of record as of the close of business on the record date of September 6, 2019, for each share of Class A Common Stock held as of such date. Onsite intends to make the payment on or about September 16, 2019, or as soon as practicable following the record date. Onsite will provide additional information regarding its paying agent in a subsequent press release. Onsite contemplates making a subsequent cash distribution to its stockholders, however such amount and timing of such distribution cannot be guaranteed or determined at this time.