SPI Energy Co., Ltd. announced that it has received $4.01 million in funding from Streeterville Capital, LLC
June 08, 2021
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SPI Energy Co., Ltd. (NasdaqGS:SPI) announced that it has entered into a securities purchase agreement with existing investor Streeterville Capital, LLC for private placement of a convertible promissory note for gross proceeds of $4,010,000 on June 9, 2021. The convertible promissory note bears an interest of 10%, maturity date of June 8, 2022 and is issued at an original issue discount of $200,000. All or any portion of the note is convertible into common shares of par value, $0.0001 at a price of $20 per share. The note is unsecured. The company has a right to prepay the note at an amount in cash equal to 115% multiplied by the portion of the outstanding balance. Beginning on the date that is 6 months from the purchase price date, lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any portion of the note up to $700,000 per calendar month by providing borrower with a notice. The note was issued pursuant to Rule 506 under Regulation D promulgated under the Securities Act of 1933, as amended.
SPI Energy Co., Ltd. is a renewable energy company and provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. The Companyâs segments include Renewable energy solutions and PV stations constructions and operations. The Company develops solar PV projects which are either sold to third party operators or owned and operated by the Company for selling electricity to the grid in multiple countries in Asia, North America and Europe. In Australia, the Company primarily sells solar PV components to retail customers and solar project developers. It is also engaged in roofing and solar energy systems installation and assembling solar modules. The Companyâs subsidiaries include SolarJuice Co., Ltd, Solar Juice Pty Ltd., Solarjuice American Inc., Sloar4america Technology Inc., Italsolar S.r.l., SPI Solar Japan G.K., Solar Power Inc UK Service Limited, SPI Solar Inc., Heliostixio S.A., Heliohrisi S.A., and others.