SPI Energy Co. Ltd. shares soared 26.02% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $7.75. Even in the regular trading session of Tuesday, SPI’s stock gained 9.04%. SPI shares have fallen 29.31% over the last 12 months, and they have moved up 22.02% in the past week. Over the past three months, the stock has gained 27.33%, while over the past six months, it has jumped 16.70%.
Let’s have a look at its recent news and developments.
SPI Convertible Promissory Note
On November 12, 2021, SPI Energy Co., Ltd. issued a $4.21 million 10% convertible promissory note to Streeterville Capital, LLC, a Utah limited liability company.
The convertible promissory note bears interest at the rate of 10% per annum and has a maturity date of November 11, 2022. The note is convertible into ordinary shares of SPI at a conversion price of $20.00 per share. This news came to market yesterday, on November 16, 2021.
SPI recent financial results
On November 8, 2021, SPI Energy Co., Ltd. announced its financial results for the six months ended June 30, 2021.
Half-year financial highlights
- Total revenue was $79.4 million in the first half of 2021 compared to $56.4 million generated in the first half of 2020.
- Gross profit was $7.4 million in the first half of 2021 compared to a gross profit of $3.1 million in the first half of 2020.
- As of June 30, 2021, the company had cash and cash equivalents totaling $22.8 million.
SPI Headquarter relocation
On November 5, 2021, SPI Energy Co., Ltd. (SPI), announced plans to relocate its corporate headquarters from Hong Kong to Santa Clara, California.
Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy, said that the decision of relocation was taken after discussions amongst our board members as we continue to focus on expanding our US solar operations and accelerating the growth of our rapidly evolving EV division.
SPI subsidiary next-generation electric pickup truck, EF1-T
On October 21, 2021, EdisonFuture Motor Inc. which is a wholly-owned subsidiary of SPI Energy Co., Ltd. will debut its next-generation electric pickup truck, EF1-T, at the Los Angeles Auto Show (“LA Auto Show®”), taking place November 19-28 at the Los Angeles Convention Center. The EF1-T will be on display at EdisonFuture’s booth: Atrium WA-14. The company will accept reservations to book EV orders during the show.
Conclusion
The Convertible Promissory Note news could be the reason behind its gains on Tuesday. We hope that it will continue its performance on Wednesday as well.
