SPI Energy Announces Pricing of $35.0 million Registered Direct Offering
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SPI Energy Announces Pricing of $35.0 million Registered Direct Offering

Thursday, December 3, 2020 9:15 AM
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SANTA CLARA, CA / ACCESSWIRE / December 3, 2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company", "we" or "SPI"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, announced today that it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $35.0 million worth of its ordinary shares and warrants in a registered direct offering.

Under the terms of the securities purchase agreement, the Company has agreed to sell approximately 3.5 million ordinary shares and warrants to purchase approximately 3.5 million ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $10.50. The warrants will expire 5 years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant will be $10.02. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $35.0 million before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering is expected to close on or about December 7, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC ("Maxim") is acting as lead placement agent, Roth Capital Partners and Kingswood Capital Markets, division of Benchmark Investments, Inc. are acting as co-placement agents in connection with this offering.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (the "SEC") dated August 3, 2020, as amended on September 28, 2020 and declared effective on September 30, 2020. A prospectus supplement related to the offering will be, filed with the SEC and available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About SPI Energy

SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third-party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.

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 www.SPIgroups.com 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 20-F 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.

SPI Energy Co., Ltd.
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