Solar Power, Inc. (SPI) (OTCBB:SOPW) announced today a private placement of 4,000,000 shares of the company’s common stock for a total of $10.5 million.
Solar Power is a vertically integrated manufacturer and installer of commercial and residential photovoltaic (PV) modules.
The Company says it intends to use the net proceeds for general corporate purposes, including working capital.
The private placement of approximately 4,000,000 shares of common stock includes warrant coverage of 30%. The warrants are exercisable beginning six months after the closing, and have a term of 5 years and an exercise price of $3.90 per share.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc. is a vertically integrated solar energy solution provider offering the North American residential, commercial and public sector building markets a complete solution through a single brand. With a state of the art manufacturing facility in Shenzhen, China, Solar Power, Inc. provides turnkey design-build solutions through its Sacramento, California headquarters and a growing retail distribution network.
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