SPI Energy Co, a provider of photovoltaic solutions, said Wednesday that it has entered into share purchase agreements with certain existing shareholders and other investors to sell approximately $100 million ordinary shares of the company or their corresponding American depository shares at a price of $2.59 per ADS, which represents a 3.6% premium from the stock’s previous close.

Under the agreemnts, the purchasers will receive options to purchase shares at the same price within two years, are subjected to a 180-day lock-up period after the closing of the transaction. The company intends to use the net proceeds for its expansion activities and for general corporate purposes.

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