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Greenlight Capital says no agreement yet on gaining board seat at SunEdison
January 25, 2016 / 11:08 PM / 2 years ago

Greenlight Capital says no agreement yet on gaining board seat at SunEdison

David Einhorn, founder and president of Greenlight Capital, speaks during the Sohn Investment Conference in New York May 4, 2015.Brendan McDermid

NEW YORK (Reuters) - Greenlight Capital said in an SEC filing on Monday that the New York-based firm, run by influential hedge fund manager David Einhorn, has reached no agreement on gaining a board seat at SunEdison Inc.

"To date, no understanding has been reached between Greenlight and the company with respect to these issues," the U.S. Securities and Exchange Commission filing said about SunEdison granting Greenlight Capital a board seat.

Between Jan. 15-25, representatives of Greenlight, including Einhorn, engaged in discussions with representatives of SunEdison's board of directors, the filing said.

It said the discussions were held with the chairman and other representatives of the company and centered on the performance of the company's senior management team, the composition of the board and future issuance of the SunEdison’s equity and equity-linked securities.

SunEdison shares rose on a report earlier on Monday that Greenlight would get a seat on the company's board.

SunEdison, a solar power company, climbed 2.64 percent to $2.72 at the close in New York. The shares have dropped 86 percent in the past year, the most on the 104-member WilderHill New Energy Global Innovation index.

An appointment may come as soon as this week, The Wall Street Journal reported on Sunday, citing unidentified people familiar with the matter.

The Maryland Heights, Missouri-based company has space on the board. On Jan. 19, Steve Tesoriere resigned his seat and the company has not announced a replacement.

Greenlight declined to comment for this story.

Reporting By Jennifer Ablan; Editing by Tom Brown

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