SPI Energy Soars More Than 1,200% on Electric Vehicle Plans
(Bloomberg) -- The hunt for renewable energy stocks sent one obscure firm soaring more than 4,000% in a single day, albeit with a tiny amount of shares on the market.
SPI Energy Co., which was trading around a buck Tuesday, rocketed as high as about $47 per share after launching a unit to design and develop electric vehicles and charging solutions Wednesday. The new unit was dubbed EdisonFuture, seemingly inspired by Thomas Edison and his rivalry with the scientist whose name has been invoked by two companies in the electric vehicle sector, Nikola Corp. and Tesla Inc.
By the close of trading Wednesday, SPI stock gained 1,237% to $14 a share and triggered at least seven volatility trading halts over four hours. Trading volume Wednesday topped 340 million shares, more than 700 times its usual activity. The company has about 14.8 million shares outstanding, along with a float of about 7.4 million, according to data compiled by Bloomberg.
“With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy,” Xiaofeng Peng, the company’s chief executive offer said in a statement Wednesday.
EVs have garnered extra attention after Nikola Corp.’s founder recently stepped down amid allegations of misleading investors.
SPI’s operating headquarters are in Santa Clara, California, with operations in Asia, Europe, North America and Australia.
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