SPI stockholders approve company reorganisation

Vertically-integrated photovoltaics (PV) developer Solar Power Inc (OTCBB:SOPW), or SPI, said today that its stockholders have cleared a merger of the company with Cayman Islands-incorporated subsidiary SPI Energy Co Ltd.

The purpose of this transaction is to reorganise SPI as a Cayman Islands company. Upon completion on December 31, 2015, SPI Energy will be the parent company of the entire SPI group of firms.

The move is being implemented at a time when the parties are working on listing their American Depositary Shares (ADSs) on the Nasdaq Capital Market. In early November, the company’s CEO told Bloomberg that SPI planned to uplist to Nasdaq and raise up to USD 300 million (EUR 283.5m) in the process.

The uplisting is now expected to be finalised in early 2016.

(USD 1.0 = EUR 0.945)

Choose your newsletter by Renewables Now. Join for free!