SPI - SPI Energy's board approves spin off of Phoenix Motorcars through IPO

The board of directors of SPI Energy (SPI) has approved the plan to spin off Phoenix Motorcars, a wholly owned subsidiary of EdisonFuture, through an initial public offering.EdisonFuture will own 70M shares of Phoenix Motorcars after the spinoff. "We continue to move forward toward our goal of becoming the leaders in sustainable transportation with focus on energy efficiency and innovative design," stated Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. "The fleet vehicle electrification opportunity is massive, and the team at Phoenix Motorcars has proven its ability to execute in this burgeoning market. Successfully spinning off Phoenix Motorcars will enable us to unlock significant value for our shareholders and provide the necessary resources to fully capitalize on the opportunities ahead."Shares down 1.9% premarket.

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SPI Energy's board approves spin off of Phoenix Motorcars through IPO