SPI Energy Co., Ltd. Announces Substitution Listing Plan
June 16 2017 - 8:44AM
SPI Energy Co., Ltd. (“SPI Energy” or the “Company”)
(Nasdaq:SPI), a global clean energy market place for business,
residential, government and utility customers and investors, today
announced its substitution listing plan.
As previously disclosed, the Bank of New York Mellon, the
depositary bank for the Company’s American depositary shares
facility (the “Depositary”), announced on March 17, 2017 that it
would terminate the American depositary receipts facility of the
Company at 5:00 PM (Eastern Time) on June 19, 2017 (the
“Termination Date”). The Company has had discussions with the
Nasdaq Stock Market (“Nasdaq”) seeking to list the ordinary shares
of the Company, par value US$0.000001 each (“Ordinary Shares”), for
trading on the Nasdaq in substitution for its American depositary
shares (“ADSs”), each representing ten Ordinary Shares (the
“Substitution Listing”). The Company expects that, upon the
effectiveness of the Substitution Listing, its ADSs will cease to
be listed on Nasdaq while the Ordinary Shares represented by the
ADSs will trade on Nasdaq under the symbol of “SPI.” The
Company has appointed Computershare as the transfer agent for its
Ordinary Shares in the United States. However, there remains
uncertainty regarding whether the Company will be able to obtain
clearance from Nasdaq to effectuate the Substitution Listing prior
to the Termination Date. Subsequent to the Termination Date,
Nasdaq may suspend the trading of the Company’s ADSs until such
time as the Substitution Listing shall have taken effect or as
otherwise determined by the staff of Nasdaq.
Owners and holders of the Company’s ADSs may surrender their
ADSs to the Depositary for delivery of the underlying Ordinary
Shares. To surrender the ADRs, the address of the Depositary
is: The Bank of New York Mellon, 101 Barclay Street, Depositary
Receipts Division – 22nd Floor, Attention: Cancellation Desk, New
York, NY 10286. Registered or overnight mail is the suggested
method of delivering ADRs to the Depositary. For further
information regarding the ADRs, please contact the Depositary at
1-888-269-2377 for US callers or 1-201-680-6825 for non-US callers.
Subsequent to the Termination Date, under the terms of the
deposit agreement among the Company, the Depositary and owners and
holders of the American deposit receipts of the Company, the
Depositary may attempt to sell the underlying shares. If the
Depositary has sold such underlying shares or received value for
such shares, holders must surrender the American depositary shares
to obtain payment of the sale proceeds, net of expenses and
applicable tax and charges.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of photovoltaic (PV)
solutions for business, residential, government and utility
customers and investors. SPI Energy focuses on the EPC/BT, storage
and O2O PV market including the development, financing,
installation, operation and sale of utility-scale and residential
PV projects in China, Japan, Europe and North America. The Company
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 for both upstream and
downstream suppliers and customers. The Company has its operating
headquarters in Hong Kong and maintains global operations in Asia,
Europe, North America and Australia. For additional information,
please visit: www.spisolar.com
For investors and media inquiries please contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spisolar.com
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