Solar Power, Inc. today announced the entry into a definitive purchase agreement and option agreement with Yes Yield Investments Limited 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.