SPI Energy Co., Ltd. announced that it has entered into a convertible promissory note purchase agreement with returning investor, LDK New Energy Holding Limited for $2,100,000 and individual investors such as Hoong Khoeng Cheong for $50,000 and Janet Jie Chen for $50,000 for the aggregate principal amount of $2,200,000 on November 27, 2023. The closing of the sale and purchase of the convertible notes shall take place no later than 120 days after the date each Purchase Agreement was entered into, subject to the satisfaction of standard closing conditions. Each convertible note will mature on the first anniversary of its issuance date, will be convertible at the option of the Purchaser into the company?s ordinary shares at a conversion price per share of $1.10 and will bear a 5% annual interest rate.

Under the terms of each Purchase Agreement, the company granted to each Purchaser an option, until the 5th anniversary of the maturity date of each convertible note, to purchase from the company an additional convertible promissory note, which would be of the same principal amount, at the same conversion price and subject to the identical conditions specified in each Purchase Agreement.