Sourced & credit goes to: http://wallstreetpr.com/solar-power-inc-otcmktssopw-to-offload-shares-under-the-lock-up-provision-33234
Posted on Oct 8 2014 – 9:46am by Benjamin Roussey
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OTCMKTS:SOPWSolar Power Inc. (OTCMKTS:SOPW)
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Boston, MA 10/08/2014 (wallstreetpr) – Solar Power Inc. (OTCMKTS:SOPW) has sealed a definitive purchase agreement for its common stock, valued at $43.8 million in a private placement. Cash from the transaction is to be used for bolstering the company’s YES Solar solution investment plan with the remainder being used as working capital.
Solar Power Inc. (OTCMKTS:SOPW) plans to use part of the amount to cater for a strategic investment in Guocang Group Limited. Business Wire reports that the lead investor in a private placement is a subsidiary of Evergrande Real Estate Grouo, considered as one of the biggest real estate developers in China.
Solar Power Inc. (OTCMKTS:SOPW) will be looking to offload up to 31,739,500 shares at a share price of $1.38. U.S investors are barred from the transaction under the U.S Securities act as amended. The purchase agreement is made of representations, warranties and covenants of SPI Solar and subject to the satisfaction of customary closing condition.
Shares being sold Under Lock-Up Provision
Solar Power expects financing from the private partners to be sufficient in strategically positioning it in the fast growing solar market especially in China. The solar giant has already signed a non-binding MOU with Evergrande as the pair look to subscribe shares in Guocang Group limited. Shares being offloaded are to be sold under the lock-up provision. Once the transaction is finalized, investors will be barred from selling any of their acquired stakes until the expiry of a three months period.
The transaction is expected to close before October 16, 2014 subject to the satisfaction of waiver and closing conditions. Placement of the shares for sale comes weeks after the company entered into an agreement for the construction a 19 megawatt solar project in Shandong Province. The company is also in the process of buying a special purpose vehicle that owns rights to the project