Pioneer Power Solutions, Inc. (PPSI) is up 6.44% in the after-market trading session at the price of $3.80 despite any recent news.
Date Confirmation of One-Time Cash Dividend
On 15th June 2021, PPSI confirmed that its Board of Directors announced a one-time special cash dividend of $0.12 per common share on 1st June 2021. The cash had paid to shareholders on 7th July 2021. This cash dividend resulted in an aggregate distribution slightly exceeding $1 million, based on the current number of shares outstanding.
PPSI Joined Russell Microcap Index
On 8th June 2021, PPSI announced that it was all set to join the Russell Microcap Index after the 2021 Russell indexes annual reconstitution. The inclusion became effective after the US market opened on 28th June 2021.
Membership in the Russell Microcap Index remains effective for one year. It means automatic incorporation in the proper growth and value style indexes. FTSE Russell defines membership for its Russell indexes principally by objective, market-capitalization rankings, and style attributes. Russell indexes are broadly used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $10.6 trillion in assets benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, which is a front-line global index provider.
PPSI Introduced PowerBloc in Response to Industrial Demand
On 2nd June 2021, PPSI declared that it had introduced a new integrated power systems solution, PowerBloc. The function of PowerBloc is to address customer demands in the fast-growing electric vehicle charging infrastructure market.
Moreover, PPSI had extended and expanded its deal with CleanSpark, Inc. As per the deal, Pioneer Power had increased the rights to use CleanSpark’s proprietary software, mPulse, and GridFabric OpenADR solution. Besides, CleanSpark acquired rights to serve as a preferred distributor of PowerBloc.
Burgeoning Backlog with New Order over $1 Million
On 14th April 20201, PPSI revealed that it had expanded its product footprint with one of the world’s biggest mass-market retailers with an incredible equipment order worth $1.1 million. The backlog of orders at the Company’s Transmission & Distribution Solutions business segment grew almost 34% from $7.6 million on 31st March 2020.
PPSI would join and support a custom turnkey system. This system consists of Automatic Transfer Switches, specialty controls, and circuit protection equipment. The order, sold through the company’s channel partner CleanSpark, is anticipated to be delivered by the end of the year 2021. The stores are expected to have larger and faster rollouts in the coming future. Pioneer’s products had already been placed at 40 retail store locations.
