MCCLELLAN PARK, CA / ACCESSWIRE / September 28, 2023 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced the sale of 12 million shares of its subsidiary, Phoenix Motor Inc. (NASDAQ: PEV). The transaction represents 56.36% of SPI's equity interest in Phoenix Motor.
This strategic move reduces SPI's ownership stake in Phoenix Motor to 25.83%, thereby eliminating the requirement to consolidate Phoenix Motor's financial results into SPI's financial statements. By divesting the majority of its stake in Phoenix Motor, SPI eliminates the impact of Phoenix Motor's net losses on its own profitability, paving the way for improved financial performance.
The 12 million shares were sold by the Company's wholly owned Edisonfuture Inc. subsidiary at a price of $1.02 per share, representing an aggregate transaction value of $12.24 million.
Moving forward, SPI Energy, through its Edisonfuture subsidiary, will continue to hold a minority stake in Phoenix Motor and remain committed to its success.
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar, storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution in Australia, as well as residential solar and roofing installation and solar module manufacturing under the Solar4America brand. SPI Solar and Orange Power which operate a commercial & utility solar division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The SPI Solar commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
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 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 10-K 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: ir@spigroups.com
Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
SPI@redchip.com
SOURCE: SPI Energy Co., Ltd.
View source version on accesswire.com:https://www.accesswire.com/788141/spi-energy-announces-sale-of-majority-stake-in-phoenix-motor
