SPI Energy Co., Ltd. Announces the Amendments and Closing of Definitive Agreement for the Disposition of its Chinese Business

HONG KONG and SANTA CLARA, Calif., Dec. 10, 2018 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI), a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers, today announced that it entered into a supplemental agreement with respect to the previously announced share purchase agreement (the “SPA”) with Lighting Charm Limited ( the “Buyer”), an affiliate of Tracy Zhoushan, the spouse of Xiaofeng Peng, the Company’s Chairman of the Board of Directors and Chief Executive Officer. It further announced the completion of the closing (the “Closing”) of the transactions contemplated by the SPA.

At the Closing, the Buyer acquired 100% of the shares of SPI China (HK) Limited, which held all of the Company’s assets and liabilities related to its business in China ( the “Acquired Business”), including its EPC business, PV projects, Internet finance lease related business, and E-commerce in China. 

Pursuant to the terms of the SPA, the consideration (the “Consideration”) for the Acquired Business was US$1.00 due, in part, to the liabilities present in the Acquired Business. The Company also granted the Buyer the option (the “Option”) to purchase from the Company up to 10,000,000 of the Company’s Ordinary Shares, par value of US$ 0.00001 per share (the “Ordinary Shares”), which Option will be exercisable by the Buyer at any time on or prior to August 21, 2021. The option exercise price is US$ 3.8 per share.

The SPA also granted the Company the option to repurchase the Acquired Business, however, on December 9 2018, the Company and the Buyer entered into a supplemental agreement pursuant to which the repurchase option was eliminated.

About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. is a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers. SPI Energy focuses on the EPC/BT, and storage markets including the development, financing, installation, operation and sale of utility-scale and residential PV projects in Japan, Europe and North America. The company operates a B2B E-Commerce platform offering a range of PV, storage products in Australia as well as a turnkey solution (umining.io) offering global crypto-mining training, sale, hosting and repair service. The Company has its operating headquarters in Hong Kong and Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia.

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