SPI Energy (SPI) Enters $100M of Common Stock Purchase Agreements at $0.259/Share

September 28, 2016 9:13 AM EDT

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SPI Energy Co., Ltd. (Nasdaq: SPI) announced the entry into of purchase agreements with certain existing shareholders (including certain key management personnel of the Company) and other investors to issue and sell ordinary shares of the Company (the "Shares") to the Purchasers at a price of US$0.259 per Share (US$2.59 per ADS), for a total consideration of approximately US$100 million (the "Private Placement"). In addition, the Purchasers are subjected to a 180 days lock-up period after the closing of the Private Placement.

Net proceeds from the Private Placement are intended to be used for expansion of SPI Energy's global PV project activities and general corporate purposes.

The Private Placement is subject to the satisfaction of customary closing conditions. The Purchasers have the right to terminate the Agreements if the share issuances contemplated under the respective Agreements have not been completed by December 22, 2016.

The Company will grant to those investors options to purchase ordinary shares at the same price within two years.

The Shares are being offered and sold solely to non-U.S. persons, on a private placement basis in reliance upon Regulation S promulgated under the U.S. Securities Act of 1933, as amended.

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