Solar Power announced on June 5th that its Board of Directors has approved a program to repurchase up to US$50 million of SPI's common stock over the next six-month period, ending on December 7, 2015.
SPI expects to purchase its common stock on the open market, in negotiated transactions or otherwise in compliance with all of the conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing of the common stock repurchased will be at the discretion of management and will depend on a number of factors, including price, market conditions and regulatory requirements. SPI retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.
Xiaofeng Peng, Chairman of SPI stated, "The implementation of our share repurchase program reflects the confidence that our Board and management have in SPI's growth prospects and our commitment to enhance value for our shareholders while retaining adequate flexibility for future growth."