SPI Energy (NASDAQ:SPI), an electric vehicle and solar energy company, has announced spinoff plans.
Here’s what investors need to know about the SPI Energy spinoff.
- The company is planning to spinoff its Solar Juice subsidiary through an initial public offering (IPO).
- Solar Juice is a solar energy company that sells solar panels, solar inverters, energy storage, EV chargers and solar energy systems.
- The company serves customers in the Asia Pacific and American regions.
- The SPI Energy spinoff plans gained the approval of its Board of Directors today.
- Finer details about the Solar Juice IPO, such as the price, number of shares being offered and more have yet to be revealed.
- What we do know is that SPI Energy will continue to maintain a majority stake in Solar Juice once the IPO is complete.
Xiaofeng Peng, chairman and CEO of SPI Energy, said this about the spinoff news.
“Solar Juice is a leader in Asia Pacific market, and we believe we can unlock greater value of this business through a successful spin off.”
Other news earlier this month also gave SPI stock a major boost. SPI Energy revealed plans to work alongside Shaanxi Tongjia Automobile for the creation of electric pickup and logistic trucks. This collaboration will take place through SPI’s electric vehicle subsidiary EdisonFuture.
SPI stock was up 11.8% as of Tuesday morning, which continues the positive movement the stock has seen this year. Year-to-date SPI stock is up 376.9%.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.