Element-2 Limited agreed to acquire Pineapple Power Corporation plc (LSE:PNPL) for £120 million on April 21, 2023. Following completion of the Proposed Acquisition the current directors of Element 2 will form a majority of the board of the Pineapple Power Corporation plc and the shareholders of Element 2 will become majority shareholders of the enlarged Company. obtaining the necessary regulatory approvals of the FCA, the satisfactory completion, by each of the parties to the transaction, of legal, financial and commercial due diligence, the parties agreeing, signing and exchanging a legally binding share sale and purchase agreement, Admission, the raising of an appropriate amount of new equity funds by the Company, the Takeover Panel waiving any obligation the E-2 shareholders (and any persons acting in concert with them) might otherwise incur under Rule 9 of the City Code by virtue the issue to them of consideration shares (the "Rule 9 Waiver"), the passing of necessary resolutions to approve the Proposed Acquisition (including the Rule 9 Waiver) by the shareholders of the Company at a duly convened general meeting (the "General Meeting"). It is currently expected that should the Proposed Acquisition proceed, the prospectus will be published, and the Proposed Acquisition will complete, during H2 2023.

Element-2 Limited cancelled the acquisition of Pineapple Power Corporation plc (LSE:PNPL) on October 30, 2023.