Roseville-based solar-energy developer SPI Solar, which has been struggling amid volatile conditions in the solar power industry, has entered into a definitive purchase agreement for the sale of $21.75 million of common stock in a private placement.
When received, net proceeds from the sale of shares will be used for working capital purposes, to pay down debt and to improve overall operations, the company said.
Under terms of the purchase agreement executed on April 30, SPI Solar agreed to sell 135,937,500 shares of common stock at a price of $0.16 per share. The shares are being offered and sold solely to non-U.S. investors on a private placement basis.
SPI Solar said it anticipates that the sale of shares will close within three months of the April 30 agreement date.
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