California-based solar developer SPI Solar has entered into a definitive purchase agreement for the sale of $25 million of common stock in a private placement.
Under the terms of the purchase agreement executed on July 22, SPI Solar has agreed to sell an aggregate 92,620,000 shares of common stock at a price of $0.27 per share. The shares are being offered and sold solely to non-U.S. investors on a private placement basis.
Earlier this month, SPI Solar executed a similar deal for $21.75 million.
The company intends to use the net proceeds from the sales for expansion of its global photovoltaic project activities, continued investment in its residential and small business segments, for working capital, and for paying down debt.