SPI Energy Enters into Share Purchase Agreements of US$100 Million in Private Placement
SPI Energy Co. Ltd.a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors,recenty announced the entry into of purchase agreements (“the Agreements”) with certain existing shareholders (including certain key management personnel of the Company) and other investors (collectively, the “Purchasers”) 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of SPI Energy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.