SPI wraps up private placement of up to USD 50m
June 26 – Vertically-integrated photovoltaic (PV) developer Solar Power Inc (OTCBB:SOPW), or SPI, said on Friday it has concluded its previously announced private placement of up to USD 50 million (EUR 44.9m).
In early May, the company said it would issue some USD 25 million worth of own common stock to Yes Yield Investments Ltd at a price of USD 2.70 apiece. The purchaser also has the right to buy a further USD 25 million of SPI common stock within seven months from the signing of the deal.
As SPI mentioned at the time of the initial announcement, it plans to use the net proceeds from the private placement to expand its global solar PV project activities and for general corporate purposes. The company did not give more details in its latest press release.
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