SPI Energy Co., Ltd. Enters into a Security Purchase Agreement and Completes its Closing

HONG KONG and SANTA CLARA, Calif., May 29, 2019 (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 Security Purchase Agreement (the “SPA”) with Iliad Research & Trading, L.P. (the "Investor"). It further announced the completion of the closing of the transactions contemplated by the SPA.

Pursuant to the terms of the SPA, SPI issued a promissory note in the original principal amount of $1,331,500.00 (the “Note”) and received cash of $1,250,000.  Investor has the right to convert all or any portion of the outstanding balance into fully paid and non-assessable Ordinary Shares. The original conversion price is $10.00 per share, subject to adjustment for splits, dividends and similar events, and subject to downward adjustment to the conversion price of any subsequently issued convertible debt. (the “Lender Conversion Price”).

Beginning on the date that is six (6) months from the date SPI entered into the SPA, Investor may redeem any portion of the Note up to $200,000.00 per calendar month.  The redemption may be paid in cash or SPI’s ordinary shares, at SPI’s election.  In the evet that SPI elects to pay the redemption amount in shares, the conversion price will the lesser of (a) the Lender Conversion Price, and (b) the market price of the ordinary shares, which will be equal to 80% of the lowest closing trade price during the ten (10) Trading Days immediately preceding the applicable measurement date.   SPI may not issue more than 19.99% of its outstanding ordinary shares prior to the transaction until it has received Nasdaq approval of the transaction.  In the event that SPI is unable to pay for the redemption with shares, it would be required to repay any redemption in cash.

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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