SPI Announces Closing of Private Placement of Up to $50 Million
Jun 26, 2015, 09:45 ET
SHANGHAI, June 26, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB:SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced the closing of the private placement of up to $50 million previously announced on May 4, 2015.
Pursuant to the terms and conditions of the agreement, SPI has issued a total of approximately $25 million of SPI's common stock (the "Purchase Shares") at a price of $2.70 per share to a non-U.S. investor.
SPI also granted to the investor an option (the "Option") to purchase a total of approximately $25 million of SPI's common stock at a price of $2.70 per share. The Option is exercisable within seven months from the date of the relevant option agreement announced on May 4, 2015. The Purchase Shares and the Option are being offered and sold solely to this non-U.S. investor, on a private placement basis in reliance on Regulation S promulgated under the U.S. Securities Act of 1933, as amended.
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.
For additional information visit: www.spisolar.com, www.solarbao.com, www.solarbao.com.hk or www.solartao.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Amy Liu, Solar Power, Inc. (800) 548-8767
SOURCE Solar Power, Inc.
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