Spi Energy Co Ltd (ADR) (NASDAQ:SPI)
Spi Energy Co Ltd (ADR) (NASDAQ:SPI) gained 3.57% after announcing the completion, successful grid-connection, and sale of ‘Shibayama 1’ solar plant east of Tokyo. The 2.4MW plant, with an estimated 3,100,000kWh of annual production, is among 4.8 MW plants under construction by Kyocera.
In September, Spi Energy Co Ltd (ADR) (NASDAQ:SPI), through its subsidiary SP Orange Power Cyprus Limited, entered into a framework purchase agreement. Pursuant to the agreement, the company is to acquire 100% interests in three Greek companies, namely THERMI SUN S.A, HELIOHRISI S.A. and HELIOSTIXIO S.A., from THERMI TANEO Venture Capital Fund (“TTVCF”) for €16.65 million.
The three companies own four PC plants with 7.4MW Photovoltaic installations in Greece. With the acquisitions, Spi Energy Co Ltd (ADR) (NASDAQ:SPI) should become one of the biggest Photovoltaic solution provider in Greece. The transaction is to close in three stages pending completion by March 2019.
Spi Energy Co Ltd (ADR) (NASDAQ:SPI) is still trading in a downtrend and close to its 52-week low of $0.83 a share. The stock has underperformed the overall industry for the better part of the year, having shed more than 80% of market value.
10-for-1 Share Consolidation
Separately, Spi Energy Co Ltd (ADR) (NASDAQ:SPI) has completed a 10-for-1 share consolidation following approval by shareholders at an extraordinary general meeting. Each 10 pre-consolidation ordinary shares outstanding were automatically combined into one share of the company.
The 10-for 1 share consolidation is poised to reduce SPI Energy shares to 5 billion with the number of issued and outstanding shares set to reduce from 725 million to 72 million.
In addition, Spi Energy Co Ltd (ADR) (NASDAQ:SPI) entered into share purchase agreement with Qian Kun Prosperous Times Investment Limited and Alpha Assai fund SP OF Sunrise SPC last month. Pursuant to the agreement, the global provider of photovoltaic solutions for businesses and residential is to issue a total of 80 million ordinary shares to Qian Kun and 240 million to Alpha Assai.
The company expects gross proceeds of $33. 9 million from the two offerings subject to the terms of conditions of the respective share purchase agreements
Spi Energy Co Ltd (ADR) (NASDAQ:SPI) has confirmed the resignation of Roger Dejun as a director of the board.
“We would like to thank Mr. Roger Ye for his dedication and contributions to the Company and we are grateful for his support and cooperation during his tenure as a valued board member and wish him well in his future endeavors,” said Xiao Feng Peng, Chairman and CEO of SPI Energy.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $SPI and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.