Solar Power, Inc. (SPI, Shanghai, China),a vertically-integrated photovoltaic (PV) developer, on May 4th, 2015 announced the entry into a definitive purchase agreement and option agreement with Yes Yield Investments Limited relating to a new private placement of up to USD 50 million.
Under the terms of the definitive agreements, SPI agreed to issue to the Yes Yield Investments a total of approximately USD 25 million of SPI's common stock at a price of USD 2.70 per share.
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. The options to purchase SPI's common stock are exercisable within seven months from the date of the definitive agreements. SPI's common stock issuable under the definitive agreements are restricted securities, and the purchaser is subject to a three-month lock-up period.
Net proceeds from the private placement are intended to be used for expansion of SPI's global PV project activities and general corporate purposes.
2015-05-05 | Courtesy: Solar Power, Inc. | solarserver.com © Heindl Server GmbH
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