SPI Energy rises after divesting majority stake in Phoenix Motor

SPI Energy Co

28/09/2023 10:59

** Shares of renewable energy co SPI Energy  SPI.O  up 9.3%
to 93 cents premarket
    ** Co to sell 56.4% of its holdings in its unit, Phoenix
Motor  PEV.O , amounting to 12 mln shares
    ** Shares of Phoenix Motor up 8.2% at 75 cents
    ** SPI to be left with 25.8% stake in PEV, eliminating the
requirement to consolidate Phoenix Motor's results into SPI's
financial statements
    ** Divestiture would eliminate impact of Phoenix Motor's net
losses on SPI's profitability, paving the way for improved
financial performance, SPI Energy says
    ** SPI down 1.5% YTD versus 34.7% slide in PEV

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))