(RTTNews) - Shares of SPI Energy Co., Ltd. (SPI), a provider of photovoltaic and electric vehicle solutions, are gaining more than 18 percent or $1.46 in Tuesday's morning trade at $9.40.
Tuesday, SPI Energy said its board of directors has approved the company's plan to spin off its Solar Juice Co., Ltd. subsidiary through an initial public offering. SPI Energy will retain majority ownership of Solar Juice after the spin off.
Solar Juice sells solar PV panels, solar inverters, energy storage, EV charger, and solar systems & renewable energy solutions for residential and small commercial markets, targeting the Asia Pacific and American regions.
SPI Energy also said it has entered a settlement deed with the minority stockholders of Solar Juice Pty Ltd, the company's 80 percent owned subsidiary in Australia. As a result of this settlement, legal proceedings have been dismissed.
SPI Energy has traded in a range of $0.55 to $46.67 in the past 52 weeks.
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