The application by SPI Energy, formerly Solar Power Inc., to transfer from the OTC Markets to the Nasdaq Global Select Market has been approved. The company expects its American depositary shares to begin trading tomorrow under "SPI".
Chairman, Peng Xiaofeng, who previously led LDK Solar, is set to ring the opening bell of Nasdaq in New York to celebrate the uplisiting. In 2007, Peng launched LDKs IPO on the New York Stock Exchange.
The news should assuage claims by critics of the company who suspected SPI of being involved in self-financing and self-assurance, and strengthen investor confidence.
SPI Energy, headquartered in Shanghai, is active in the downstream solar PV markets in China, Japan, Europe and North America. It is also involved in a number of financing platforms, including Solarbao and Solartao, similar to crowdfunding platforms like Kickstarter. Last September, the company further expanded it business to include the leasing of electric cars.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.