Pioneer Power Solutions (PPSI) surged a whopping 305% on Tuesday. Pioneer Power Solutions is an industry leader in the design and manufacture of electrical equipment for customers in the North American industrial, commercial, OEM and critical power markets. Their product portfolio includes a wide range of specialty magnetic products used in the control and conditioning of electrical current for critical processes.
Why did Pioneer Power Solutions (PPSI) skyrocket today?
The company has filed a definitive proxy statement pursuant to Section 14(a) of the Securities Exchange Act of 1934.
The message to the stockholder within the filing that says this:
Dear Stockholder:
You are cordially invited to attend the Annual Meeting of Stockholders of Pioneer Power Solutions, Inc. to be held at 12:15 p.m., New York time, on November 12, 2020, at our office, located at 400 Kelby Street, 12th Floor, Fort Lee, New Jersey 07024. Please see the enclosed Notice of Annual Meeting of Stockholders for information regarding admission to the meeting.
Please note that in order to gain admission to the site of our annual meeting, all attendees will need to present a photo identification card and have their name previously provided to building security. As such, in order to facilitate your attendance at the annual meeting, we strongly encourage you to advise Kristina Bronstein (kbronstein@pioneerpowersolutions.com) by email at info@pioneerpowersolutions.com or phone at (212) 867-0700 if you plan to attend the meeting prior to 5:00 p.m., New York time, on November 5, 2020, so that we can provide your name to building security. In the event that you do not advise us ahead of time that you will be attending the annual meeting, we encourage you to arrive at the meeting no later than 11:45 a.m., New York time, in order to ensure that you are able to pass through security prior to the start of the meeting. While as of the date of this proxy statement we are intending to hold the annual meeting in a physical format, as part of our precautions regarding the coronavirus or COVID-19, we are planning for the possibility, if necessary, that we change the location of the annual meeting to hold a hybrid or virtual meeting, which would allow for remote participation by stockholders at the annual meeting, as entry to the physical location of the annual meeting may be limited due to the requirements of applicable laws or orders restricting the size of public gatherings. If we take this step, we will announce the decision to do so as soon as practicable via a press release that will also be filed with the U.S. Securities and Exchange Commission (the “SEC”) as proxy material, as well as by posting details on our website at https://www.pioneerpowersolutions.com/. Please monitor our press releases and check our website regularly until the annual meeting for updated information.
The file continues with:
Your vote is very important, regardless of the number of shares of our voting securities that you own. To vote your shares, you may use the enclosed proxy card, vote by telephone or over the Internet, or attend the meeting and vote in person. If your shares are held in the name of a broker, trust, bank or other nominee, and you receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by such broker or other intermediary or contact your broker directly in order to obtain a proxy issued to you by your nominee holder to attend the meeting and vote in person. Failure to do so may result in your shares not being eligible to be voted by proxy at the meeting.
On behalf of the board of directors, I urge you to submit your proxy as soon as possible, even if you currently plan to attend the meeting in person.
Thank you for your support of our company. I look forward to seeing you at the annual meeting, or if the annual meeting is held in hybrid or virtual format, via remote communication.
It appears that the company will continue it’s annual shareholders meeting which will be held in person, online or through a hybrid solution.
Previous annual meetings with the company went really well and it is expected to continue it’s impressive run.
Should you invest in Pioneer Power Solutions (PPSI)
Shares of Pioneer Power Solutions (PPSI) appear to be a very good investment option, the Money Midnight Indicator is expecting its price to increase considerably in the next several years. The majority of the metrics point to this investment being highly attractive.
