SPI Energy Issues $4.21 Million 10% Convertible Promissory Note with $20 per Share Conversion Price
SPI Energy Co., Ltd. (NASDAQ: SPI) announced the issuance of a $4.21 million 10% convertible promissory note to Streeterville Capital, LLC on November 12, 2021. This note, approved by the company's board, matures on November 11, 2022, and can be converted into SPI's ordinary shares at a price of $20.00 per share. The issuance was conducted as a private placement under Regulation D of the Securities Act of 1933. SPI Energy, headquartered in Santa Clara, CA, specializes in renewable energy solutions, including solar storage and electric vehicles.
- Successfully issued a $4.21 million convertible promissory note, providing immediate capital.
- The note carries an interest rate of 10%, offering a significant return on investment potential.
- Conversion price of $20.00 per share may lead to dilution for existing shareholders if converted.
- The 10% interest rate may increase financial burdens if company revenues do not meet expectations.
SANTA CLARA, CA / ACCESSWIRE / November 16, 2021 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced that on November 12, 2021, it issued a
The convertible promissory note, which was approved by SPI's board of directors, bears interest at the rate of
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. (NASDAQ:SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in Santa Clara, California.
The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, and the EdisonFuture/Phoenix Motorcars EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., U.K., and Europe. Phoenix Motorcars is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric scooters, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
SPI Energy Co., Ltd. Contact:
IR Department
ir@spigroups.com
Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
dave@redchip.com
SOURCE: SPI Energy Co., Ltd.
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