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SPI Energy Issues $2.2 Million Convertible Promissory Note with $1.10 Per Share Conversion Price


MCCLELLAN PARK, CA / ACCESSWIRE / November 29, 2023 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced that on November 27, 2023, it issued a $2.2 million 5% Convertible Promissory Notes ( the" Notes") to Palo Alto Clean Tech Holding Limited, an entity affiliated with the Company's Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer (collectively, the "Investors").

The convertible promissory note, which was approved by the Company's board of directors, bears interest at the rate of 5% per annum and has a one-year maturity date upon closing. Notably, the note is convertible into ordinary shares of SPI at a conversion price of $1.10 per share, emphasizing our commitment to aligning interests with our investors and demonstrating our confidence in the Company's future market value. We believe that this strategic financial move, with its premium conversion price, will not only strengthen SPI Energy's financial foundation but also enhance market confidence in our Company's continued success. The closing date for this transaction is set for 120 days after execution. The Investors may, under the same terms, purchase an additional $2,200,000 in the Convertible Promissory Notes within the five years following the maturity of the initial Notes.

The convertible promissory notes were issued in a private placement in reliance on 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 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 solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.

The company comprises the following core divisions: (a) SPI Solar commercial & utility solar business develops and provides a full spectrum of EPC services to third party project developers. (b) Orange Power business owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. (c) SolarJuice is a leader in renewable energy system solutions for residential and small commercial markets with solar wholesale distribution business in Australia, and residential solar and roofing installation business in California. SolarJuice also manufactures solar cells & modules in United States under the Solar4America brand. (d) SEM Wafertech develops American solar wafer manufacturing at Sumter, SC.

SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and others 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 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 (COVID-19) and the effects of the outbreak 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 10-K 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.

Contact:

SPI Energy Co., Ltd.
IR Department
Email: [email protected]

Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
[email protected]

SOURCE: SPI Energy Co., Ltd.



View source version on accesswire.com:
https://www.accesswire.com/811121/spi-energy-issues-22-million-convertible-promissory-note-with-110-per-share-conversion-price


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