Solar Power negotiates $32.94 million placement of shares, preferreds

Financing with LDK Solar includes convertible series A preferreds

By Devika Patel

Knoxville, Tenn., Jan. 6 - Solar Power, Inc. arranged a private placement of common stock and series A preferred stock with LDK Solar Co., Ltd. on Jan. 5, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal will raise $32.94 million.

The company will sell 42,835,947 common shares at about $0.25 per share for $10.71 million in the first tranche. It will sell 20 million preferreds at about $1.1114 per preferred in the second tranche for $22.23 million.

The prices per common share and preferred are a 28.57% discount and a 217.54% premium, respectively, to the Jan. 4 closing share price of $0.35.

The preferreds each automatically convert to 4.56 common shares.

Solar Power is a photovoltaic technology company based in Roseville, Calif.

Issuer:	Solar Power, Inc.
Issue:	Common stock, series A preferred stock
Amount:	$32,936,656
Warrants:	No
Investor:	LDK Solar Co., Ltd.
Settlement date:	Jan. 5
Stock symbol:	OTCBB: SOPW
Stock price:	$0.37 at close Jan. 5
Market capitalization:	$24.86 million
First tranche of common stock
Amount:	$10,708,987
Shares:	42,835,947
Price:	$0.25 (approximate)
Second tranche of preferreds
Amount:	$22,227,669
Preferreds:	20 million
Price:	$1.1114 (approximate)
Conversion ratio:	Into 4.56 common shares

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