Wednesday, Solar Power Inc. (SOPW.OB) said it entered into definitive agreements with institutional and accredited investors with respect to a private placement with gross proceeds of approximately $12.00 million before payment of placement agent commissions and offering expenses.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended and were sold in a private placement transaction in reliance on Section 4(2) of the Securities Act. Accordingly, the securities acquired in the private placement may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, the company stated.
"The company intends to use the net proceeds from this financing for general corporate purposes, including working capital. Our pipeline of opportunities has grown significantly in all of our vertical sales channels. This additional equity will allow us to capitalize on these opportunities and continue our business growth," said Stephen Kircher, chief executive officer of Solar Power, Inc.
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