SPI Energy Co., Ltd. (SPI), a company providing photovoltaic solutions for business, residential, government, and utility customers and investors, has soared 26.02% in aftermarket trading sessions and consequently is trading at $7.75 at the time of the writing. On Tuesday, SPI closed the day at $6.15 after surging 9.04% during the mid-day session. The continuous rise is attributable to the issuance of convertible promissory notes by the company.
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Why SPI Surging?
On Tuesday, SPI announced that on the 12th of November, the company had issued a $4.21 million 10% convertible promissory note to a Utah limited liability company, namely Streeterville Capital, LLC. The convertible promissory note was approved by the Board of Directors of SPI. It bears interest at the rate of 10% per annum. It had a maturity date of 11th November 2021. A portion of the note or all of it could be converted to an ordinary share of SPI at a conversion price of $20 per share.
2HFY 2021 Financial Results
On 8th November 2021, SPI announced the financial results for a six-month period, which ended on 30th June 2021. The revenue generated by the company during the period was $79.4 million against $56.4 million generated during the first half of fiscal 2021. The gross profit stood at $7.4 million against $3.1 million during the first half of the fiscal year 2021. The cash and cash equivalents in possession of the company on June 30th were $22.8 million. The shareholder’s equity was $47.6 million on 30th June 2021 against $45.3 million on 31st December 2020.
Executive Commentary
Mr. Xiaofeng Denton Peng, Chairman and Chief Executive Officer of SPI Energy, while commenting on the results said that the company has continued to perform well across its business line and that he believes that the company is in a strong position to accelerate its growth as it continues to expand its business operations.
Future Outlook for SPI
Statistics reveal that SPI has increased more than 255 during the last month. Before that, the stock was not performing that much outstandingly as was expected out of it. But the recent developments have built up the investor interest in the company, ultimately impacting the performance of SPI stock in the long run.
