Solar Power, Inc.OTCQB
Nov. 30, 2015, 6:40 PM
- Solar Power Inc. (OTCQB:SOPW -2.1%) and SPI Energy (its wholly owned subsidiary) have gotten shareholder approval for a merger and reorganization of the company in the Cayman Islands.
- The deal should be effective Dec. 31. SPI Energy will become the parent company of the SPI group of companies.
- The firm expects that SPI Energy will list American Depositary Shares on OTC markets as a foreign private issuer as of Jan. 4.
- For every 10 shares issued and outstanding in SOPW acquired before 3 p.m. ET Nov. 5 will be converted into a right to receive one ADS, while shares acquired after that time will receive SPI Energy ordinary shares.
Jul. 1, 2015, 9:17 AM
- Roger Dejun Ye, currently a partner at 4 solar funds that invest in solar projects and before that the head of sales at Suntech Power, has been named SPI's (OTCQB:SOPW) new CEO.
- Ye replaces Min Xiahow, who will now serve as deputy chairman. Xiaofeng Peng remains the solar project developer's chairman.
Jun. 26, 2015, 12:51 PM
- SPI (OTCQB:SOPW +1.6%) has closed a private placement with Yes Yield Investments (first disclosed in May). Yes Yield is buying $25M worth of shares at $2.70 apiece (41% above current levels), and has an option to buy another $25M at the same price within 7 months of May 4.
- The deal comes in tandem with one to sell $20M-$40M of convertible debt and stock to Vision Edge Limited.
Jun. 15, 2015, 12:42 PM
- Vision Edge Limited has agreed to buy a $20M SPI (OTCQB:SOPW +0.5%) convertible promissory note that matures a year from its issuance date, and is convertible at $2.70/share (41% above current levels). Vision Edge also has the option to buy $20M worth of SPI's common shares at $2.70 apiece within the next 6 months.
- Net proceeds will be used for "expansion of SPI's global [solar] project activities and general corporate purposes." SPI had $195M in cash/investments at the end of 2014, and $118M in debt. A $50M buyback was announced on June 5.
Jun. 5, 2015, 10:06 AM
- SPI's (OTCQB:SOPW) buyback is good for repurchasing 5% of outstanding shares at current levels. It expires on Dec. 7.
- The solar project developer had $195M in cash/investments at the end of 2014, and $118M in debt. It's 4 days removed from announcing a deal to buy "certain assets" of German solar product distributor Energiebau.
May 21, 2015, 3:04 PM
- Today's notable tech gainers include Chinese online travel firms Qunar (QUNR +5%) and eLong (LONG +6.8%), Chinese IM/entertainment/gaming platform YY (YY +4.4%), flash storage array vendor Violin Memory (VMEM +3.9%), online furniture retailer Wayfair (W +5%), and industrial laser maker Coherent (COHR +4.9%). The Nasdaq is up 0.4%.
- Notable decliners include solar installer SPI (OTCQB:SOPW -4.8%) and unstructured data management software firm Varonis (VRNS -5.1%).
- Qunar is making fresh highs, and eLong is up 17% over the last two days. YY is recovering some of last week's post-earnings losses. Wayfair posted a Q1 beat 9 days ago. Violin, which saw insider buying in March, posts FQ1 results on June 2. Varonis is two weeks removed from plunging due to a Q1 revenue miss and soft guidance.
- Previously covered: Salesforce, NetApp, Youku, Stratasys, Shopify, Trina, OpenText, Cree, Wave Systems
Apr. 22, 2015, 3:18 PM
- Today's notable tech gainers include mobile game developer Glu Mobile (GLUU +8.2%), Chinese mobile app developer Cheetah Mobile (CMCM +8.1%), pico projector module developer MicroVision (MVIS +7.6%), Chinese analog/mixed-signal chipmaker Vimicro (VIMC +11.5%), IT services firm WidePoint (WYY +6.2%), mobile ad network owner Millennial Media (MM +5.6%), data discovery software vendor Datawatch (DWCH +15.7%), and RF backhaul hardware vendor Ceragon (CRNT +11.3%). The Nasdaq is up 0.4%.
- Notable decliners include Chinese solar module vendor/project developer Yingli (YGE -5.1%) and U.S. solar installer Solar Power, Inc. (OTCQB:SOPW -5.1%). Most solar peers are higher.
- Cheetah Mobile and Vimicro have joined several other Chinese tech firms in surging following an overnight rally in Shanghai. Glu's gains come ahead of the company's April 29 Q1 report. Datawatch's gains come after the company posted nearly in-line FQ2 results and stated has laid off almost 15% of its workforce; shares had tumbled in January thanks to an FQ1 warning.
- Previously covered: SolarCity, ASML, Cree, Broadcom, Angie's List, Yelp, Adtran, Novatel, SuperCom, Tremor Video, Dolby, Procera, Castlight, Zhone, CalAmp
Apr. 17, 2015, 10:32 AM
- Distributed energy storage system provider ZBB Energy (NYSEMKT:ZBB) has struck a deal to supply 40MW of systems to solar project developer Solar Power, Inc. (OTCQB:SOPW) over 4 years. The deal is estimated to be worth $80M-$120M.
- As part of the agreement, SPI is buying 8M ZBB common shares at $0.6678 apiece (40% below current levels, good for proceeds of $5.3M), and $28M worth of convertible preferred shares. The preferred shares are "only convertible upon the completion of specific procurement milestones."
- Following the investment, ZBB, whose systems combine batteries with power management hardware, will have over $45M in cash. The deal also "contemplates" granting SPI a warrant to buy 50M ZBB common shares at $0.7346 apiece (proceeds of $36.7M).
- ZBB chairman Paul Koeppe, whose company sports a $43M market cap: "This agreement gives us immediate access to regions and countries where we lack a presence today ... In addition, we expect this partnership to completely change the paradigm at ZBB from development stage to a high growth manufacturing company."
- SPI chairment Xiaofeng Peng: "This partnership ... is all about accelerating global solar penetration through the marriage of solar plus storage. Energy storage systems are becoming vital to PV system expansion worldwide due to a number of factors..." SolarCity, SunEdison, and others have also shown an interest in pairing solar systems with battery-based storage.
Nov. 21, 2014, 6:45 PM
- Ethanol and other biofuel groups are declaring victory, as the EPA today said a decision to finalize blending requirements for 2014 - first proposed more than a year ago - has been delayed.
- The delay gives hope to ethanol producers that the EPA will rethink how it proposes the annual biofuels levels; the draft 2014 biofuels levels were much lower than the ethanol industry wanted.
- Oil company lobbyists opposed to the law say the idea of setting a retroactive quota shows the EPA is incapable of managing the program; the American Fuel & Petrochemical Manufacturers, which represents energy companies, plans to sue the EPA for failing to issue the 2014 requirements.
- Ethanol stocks: ADM, GPRE, GEVO, MEOH, SZYM, REX, CDTI, REGI, FF, AMRS, ANDE
- Related refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
- Related coal stocks: BTU, WLT, CNX, ACI, ANR, YZC, ARLP, AHGP, NRP, PVG, PVA, OXF, CLD, WLB, SCOK
- Related solar stocks: JASO, SPWR, TSL, FSLR, CSIQ, YGE, EMKR, SOL, JKS, CSUN, SCTY, RGSE, SUNE, HSOL, DQ, ASTI, OTCQB:SOPW
- ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, FENY, PXJ, RYE, FXN, DDG, FUE, KOL, TAN
Sep. 6, 2013, 12:17 PM