SPI Energy Issues $2.1 Million 10% Convertible Promissory Note with $26 per Share Conversion Price

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ:SPI) announced a $2.1 million convertible promissory note issued to Streeterville Capital, LLC on November 3, 2020. The note carries a 10% interest rate and matures on November 2, 2021, with a conversion price of $26.00 per share. The issuance was approved by the company's board and complies with Rule 506 under Regulation D. SPI Energy continues to focus on renewable energy solutions, including photovoltaic and electric vehicle services globally.

Positive

• Issuance of $2.1 million convertible promissory note increases liquidity.
• 10% interest rate is attractive for financing.
• Focus on renewable energy solutions aligns with market trends.

Negative

• Conversion price of $26.00 may suggest potential dilution for shareholders.
• The company's dependence on convertible debt could increase financial risk.

SANTA CLARA, CA / ACCESSWIRE / November 4, 2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced that on November 3, 2020, it issued a $2.1 million 10% convertible promissory note to Streeterville Capital, LLC, a Utah limited liability company.

The convertible promissory note, which was approved by SPI's board of directors, bears interest at 10% and has a maturity date of November 2, 2021. All or any portion of the note is convertible into shares of SPI common stock at $26.00 per share. The convertible promissory note was issued pursuant to Rule 506 under Regulation D promulgated under the Securities Act of 1933, as amended.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Copies of the securities purchase agreement and the convertible promissory note relating to this financing can be obtained at the SEC's website at www.sec.gov.

About SPI Energy

SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries and/or industries, such as electric vehicles and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture (hemp, alfalfa, etc.) and other markets with significant growth potential.

Contact:

SPI Energy Co., Ltd.
IR Department

Email: ir@spigroups.com
Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
dave@redchip.com

SOURCE: SPI Energy Co.

View source version on accesswire.com:
https://www.accesswire.com/614384/SPI-Energy-Issues-21-Million-10-Convertible-Promissory-Note-with-26-per-Share-Conversion-Price

FAQ

What is SPI Energy's recent financial move?

SPI Energy announced a $2.1 million convertible promissory note issued to Streeterville Capital, LLC.

What is the interest rate on SPI Energy's convertible note?

The convertible promissory note has a 10% interest rate.

What is the maturity date for SPI's convertible promissory note?

The maturity date for the note is November 2, 2021.

What is the conversion price for SPI Energy's note?

The note can be converted into SPI common stock at $26.00 per share.

How does the recent financing affect SPI Energy's shareholders?

The issuance may lead to potential dilution for shareholders if the note is converted.