SPI Energy Shares Jump on Plan to Spin Off Solar Juice Unit

SPI Energy shares jumped Tuesday after the renewable energy company said it would spin off its Solar Juice unit through an initial public offering.
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SPI Energy  (SPI) - Get Report shares jumped on Tuesday after the renewable-energy company said it would spin off its Solar Juice unit through an initial public offering.

The Santa Clara, Calif., company said it would retain majority ownership of Solar Juice after the spinoff. 

SPI recently traded at $8.84, up 11%. The shares have nearly quintupled this year. The stock traded under $1 as recently as mid-June.

SPI recently announced a partnership with Shaanxi Tongjia, a maker of all-electric logistic vehicles in China.

Solar Juice sells solar photovoltaic panels, solar inverters, energy storage, and electric vehicle chargers for residential and small commercial markets, targeting the Asia-Pacific and American regions.

"Solar Juice is a leader in Asia-Pacific ... and we believe we can unlock greater value of this business through a successful spinoff,” SPI CEO Xiaofeng Peng said in a statement.

SPI also said Tuesday that it settled a lawsuit against minority stockholders of Solar Juice Australia, its 80%-owned subsidiary.

The suit related to a new rights issue undertaken by Solar Juice Australia, SPI said. Given the settlement, the legal proceedings were dismissed, SPI said.