SPI Energy, a global provider of PV solutions for business, residential, government and utility customers and investors, announced the entry into share purchase agreements (the Agreements) with existing shareholders including Zhou Shan, Head & Shoulders Global Investment Limited (formerly Robust Elite Limited), and certain members of its management team (collectively, the "Purchasers"), to purchase an aggregate of 75,990,000 ordinary shares of the Company (the "Shares") at a price of US$0.759 per Share (US$7.59 per ADS), for a total consideration of US$57.68 million.
The Shares are being offered and sold solely to non-U.S. investors, on a private placement basis in reliance on Regulation S promulgated under the U.S. Securities Act of 1933, as amended. The completion of the above transaction is subject to the satisfaction of customary closing conditions and the Purchasers are subject to a one-year lock-up period.
Net proceeds from the above transaction are intended to be used for expansion of SPI Energy's global PV project activities and general corporate purposes.
