SHANGHAI, May 4, 2015 /PRNewswire/ — Solar Power, Inc. (“SPI”) (OTCBB: SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced the entry into a definitive purchase agreement and option agreement (the “Definitive Agreements”) with Yes Yield Investments Limited (the “Purchaser”) relating to a new private placement of up to $50 million.
Under the terms of the Definitive Agreements, SPI agreed to issue to the Purchaser a total of approximately $25 million of SPI’s common stock at a price of $2.70 per share. SPI also granted to the Purchaser options to purchase a total of approximately $25 million of SPI’s common stock at a price of $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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of SPI, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Net proceeds from the private placement are intended to be used for expansion of SPI’s global PV project activities and general corporate purposes.
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. (“SPI” or the “Company”) is a global leader in enabling photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and maintains global operations in Asia, Europe, North America and Australia.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates,” “expects” or similar expressions. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company’s reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.