Solar Power, Inc. today announced the closing of the private placement of up to $50 million previously announced on May 4, 2015. Pursuant to the terms and conditions of the agreement, SPI has issued a total of approximately $25 million of SPI's common stock (the "Purchase Shares") at a price of $2.70 per share to a non-U.S. investor.
SPI also granted to the investor an option (the "Option") to purchase a total of approximately $25 million of SPI's common stock at a price of $2.70 per share. The Option is exercisable within seven months from the date of the relevant option agreement announced on May 4, 2015. The Purchase Shares and the Option are being offered and sold solely to this non-U.S. investor, on a private placement basis in reliance on Regulation S promulgated under the U.S. Securities Act of 1933, as amended.