SPI Energy Co., Ltd. Enters into a Security Purchase Agreement and Completes its Closing
May 29 2019 - 4:30AM
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI),
a global provider of renewable energy solutions and crypto-miner
hosting services for residential, commercial and utility customers,
today announced that it entered into a Security Purchase Agreement
(the “SPA”) with Iliad Research & Trading, L.P. (the
"Investor"). It further announced the completion of the closing of
the transactions contemplated by the SPA.
Pursuant to the terms of the SPA, SPI issued a
promissory note in the original principal amount of $1,331,500.00
(the “Note”) and received cash of $1,250,000. Investor has
the right to convert all or any portion of the outstanding balance
into fully paid and non-assessable Ordinary Shares. The original
conversion price is $10.00 per share, subject to adjustment for
splits, dividends and similar events, and subject to downward
adjustment to the conversion price of any subsequently issued
convertible debt. (the “Lender Conversion Price”).
Beginning on the date that is six (6) months
from the date SPI entered into the SPA, Investor may redeem any
portion of the Note up to $200,000.00 per calendar month. The
redemption may be paid in cash or SPI’s ordinary shares, at SPI’s
election. In the evet that SPI elects to pay the redemption
amount in shares, the conversion price will the lesser of (a) the
Lender Conversion Price, and (b) the market price of the ordinary
shares, which will be equal to 80% of the lowest closing trade
price during the ten (10) Trading Days immediately preceding the
applicable measurement date. SPI may not issue more
than 19.99% of its outstanding ordinary shares prior to the
transaction until it has received Nasdaq approval of the
transaction. In the event that SPI is unable to pay for the
redemption with shares, it would be required to repay any
redemption in cash.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
renewable energy solutions and crypto-miner hosting services for
residential, commercial and utility customers. SPI Energy focuses
on the EPC/BT, and storage markets including the development,
financing, installation, operation and sale of utility-scale and
residential PV projects in Japan, Europe and North America. The
Company operates a B2B E-Commerce platform offering a range of PV,
storage products in Australia as well as a turnkey solution
(umining.io) offering global crypto-mining training, sale, hosting
and repair service. The Company has its operating headquarters in
Hong Kong and Santa Clara, California and maintains global
operations in Asia, Europe, North America and Australia.
For additional information, please visit:
http://www.spigroups.com/investorrelations/overview
For investors and media inquiries please
contact:
SPI Energy Co., Ltd.IR DepartmentEmail:
ir@spigroups.comSource: SPI Energy Co., Ltd.
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