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Tag: Spin Off

  • SPI Energy (NASDAQ: SPI) Announces Plan To Spin Off Solar Juice

    SPI Energy (NASDAQ: SPI) Announces Plan To Spin Off Solar Juice

    SPI Energy Co, Ltd. (NASDAQ: SPI) has announced that it has received the approval of the Boards of Directors of the Company to spin-off its Solar Juice Co., Ltd. unit through an initial public offering. It has revealed that it will maintain its majority ownership of Solar Juice after the spin-off.

    The company believed that if the spin-off will be successful it will be able to open the door of new growth. Solar Juice is the leader in the Asia Pacific market and best known for selling solar panels, EV charger, Solar system, and renewable energy solution for the residential and commercial markets.

    SPI Energy Co, Ltd has also dislcosed that it has completed the settlement with the minority stockholders of Solar Juice Australia. After the settlement, the lawsuit has been dismissed.

    SPI has earlier revealed in the Annual Report on Form 20-F, in May 2020, Solar Juice Co. Ltd that it has started legal action against its other shareholders and some of its other directors and claimed directors and against Solar Juice Australia together with Mr. Kun Fong Lee and Mr. Jinhan Zhou.

    The proceedings have been pursued in the Federal court of Austalia as plaintiffs by SPI. The complaint has been lodged against the new rights issues handled by Solar Juice Australia and against the appointment of an additional director after removing Mr. Kun Fong Lee and Mr. Jinhan Zhou as directors.  The Federal Court of Australia has ordered that the new appointment orders are invalid.

    SPI Energy Co, Ltd. (NASDAQ: SPI)  shares were trading up 16.12% at $9.22 at the time of writing on Tuesday. It had a trading volume of 10.29 million as compared to the average volume of 8.93 million. SPI Energy Co, Ltd. (SPI) share price went from a low point around $0.55 to briefly over $46.67 in the past 52 weeks. It has moved up 1576.36% from its 52-weeks low and moved down -80.24% from its 52-weeks high. SPI market cap has remained high, hitting $139.11 Million at the time of writing.

     

  • IBM Announces Plan To Split Off Managed Infrastructure Services Unit Into New Public Company

    IBM Announces Plan To Split Off Managed Infrastructure Services Unit Into New Public Company

    International Business Machines Corporation (NYSE: IBM) shared traded up 12.55% in the pre-market trading session of Thursday after the company announced that it has decided to split off its Managed Infrastructure Services unit of its Global Technology Services division into a new public company. The decision has been taken to focus more on a hybrid cloud growth strategy to provide the best experience to its customers.

    The cloud-focused computer group has disclosed that the separation of an infrastructure unit is expected to complete by the end of 2021. This separation is a tax-free split off to the shareholders of IBM. CEO Arvind Krishna said that now is the right time of separation so that the two market leaders will be able to focus on what they do best.

    He said that the International Business Machines Corporation will focus on Artificial intelligence capabilities and open hybrid cloud platforms while the NewCo will be able to design, run and modernize the infrastructure of the world’s most important organizations. After the separation both the companies will be able to focus on their respective businesses and will be able to improve their growth by capturing new opportunities and be able to create value for clients and shareholders.

    International Business Machines Corporation (NYSE: IBM) shares traded up 11.69% at $138.52 during the pre-market trading session on Thursday. It has gained +2.10 at $124.07 on the trading session of Wednesday. This company stock fluctuated between the 52-weeks low range of $90.56 and a high range of $158.75. IBM has moved up 37.00% from its 52-weeks low and moved down -21.85% from its 52-weeks high. This company has a total market capitalization of $110.97 billion at the time of writing.

    International Business Machines Corporation also disclosed that it is projected third-quarter revenue of $17.6 billion and an adjusted profit per share of $2.58. IBM will speed up clients’ digital transformation journeys, and NewCo will speed up clients’ infrastructure modernization efforts.