SPI Energy Co., Ltd. Signs Term Sheet for the disposition of its Chinese business
August 21 2018 - 7:26AM
SPI Energy Co., Ltd. (“SPI Energy” or the
“Company”) (NASDAQ: SPI), a global provider of renewable
energy solutions and cryptocurrency miner hosting services for
business, residential, government and utility customers and
investors, today announced that it has entered into a term sheet
with Lighting Charm Limited ( the “Buyer”), an affiliate of Tracy
Zhoushan, the spouse of Xiaofeng Peng, the Company’s Chairman of
the Board of Directors and Chief Executive Officer. The term sheet
provides that the Company will sell the Buyer 100% of the shares of
SPI China (HK) Limited, which holds all of the Company’s assets and
liabilities related to its business in China (the “Acquired
Business”). These assets include EPC business, PV projects,
Internet finance lease related business, E-commerce and others.
The Buyer will pay the Company $1.00 to acquire the
assets and the Company will grant the Buyer the option (the
“Option”) to purchase from the Company up to 10,000,000 of the
Company’s Ordinary Shares par value of US$ 0.00001 per share (the
“Ordinary Shares”), which Option will be exercisable by the Buyer
at any time on or prior to the date that is three years after the
date of the term sheet. The Option Exercise Price shall be the
average closing price of the Ordinary Shares on Nasdaq during 60
(sixty) consecutive trading days preceding the date of the term
sheet (the “Option Exercise Price”). The Company and its any
subsidiaries will be entitled to repurchase the Acquired Business
at the same Purchase Price. The closing will be subject to the
execution of definitive agreements, satisfactory due diligence and
a fairness valuation report by independent appraisal firm.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
renewable energy solutions and cryptocurrencies miner hosting
service 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 online energy e-commerce and investment
platform in China, B2B e-commerce platform offering a range of
PV, storage products in Australia as well as online
platform (Umining.io) offering global VIP miner hosting service.
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: http://investors.spisolar.com. For investors and
media inquiries please contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spisolar.com
Source: SPI Energy Co., Ltd.
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