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.