Solar Power, Inc. (OTCBB:SOPW), a vertically integrated photovoltaic developer, today announced the entry into definitive agreements relating to a new private placement of up to $140 million. The private placement was led by Mr. Shi Yuzhu , founder of Giant Interactive Group Inc., a leading online game developer and operator which was listed on the New York Stock Exchange, and China Dongxiang (Group) Company Limited (3818: HK),an international sportswear enterprise in China and whose shares are listed on the Hong Kong Stock Exchange.
SPI Solar anticipates that the sale of its common stock and convertible promissory notes will close within 10 days of the date of the respective agreements, subject to the satisfaction or waiver of the closing conditions. The options to purchase SPI Solar’s common stock are exercisable on or prior to the date of completion of the listing of SPI Solar’s common stock on the New York Stock Exchange or the NASDAQ Stock Market. SPI Solar’s shares of common stock issuable under the definitive agreements are restricted securities, and the investors are each subject to a three-month lock-up period.
“We are very pleased to announce this investment in SPI led by Mr. Shi and Dongxiang, which underscores their strong confidence in the company and its growth potential,” said Xiaofeng Peng, Chairman of SPI. “We believe this additional capital will enable us to continue SPI Solar’s impressive growth trajectory and benefit all of our shareholders.”
Net proceeds from the sale of the common stock and convertible promissory notes are intended to be used for expansion of SPI Solar’s global PV project activities and general corporate purposes.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.