The stock of SPI Energy Co., Ltd. (SPI) saw a gain in the Pre-market. The stock reached $7.27 by increasing 0.28% in the Pre-market. In the last trading session, the stock closed at $7.25 which is a 17.89% gain in just a single day. The total volume of the stock traded in the market was 786.71K. There are mainly two reasons which could be linked to this uprise in the stock which we will see in the following details.
Two main reasons for the SPI Energy Co., Ltd. (SPI) stock gain:
After the IPO by Rivian (NASDAQ: RIVN) and the positive news from the Electric Vehicle Companies, made investors not ignore the EV stocks. Due to this boom, the shares of SPI Energy Co., Ltd. (SPI) are taking advantage of it. After which the stock of the SPI gained a value of 17% before closing. Also, the trading volume was seen to be 10 times more than the daily average trading volume of its company’s stock.
So why this affected the SPI Energy Co., Ltd. (SPI) stock to gain value? The reason is, investors are interested in its company’s stock due to EdisonFuture, which is a subsidiary of SPI Energy who is introducing its debut electric truck named EF1-T e-pickup Truck. The USP (unique selling proposition) of this EV truck is, it will be able to charge by solar energy. So this means it will be able to charge itself while under the sun.
Another reason for this increase in the stock could be related to the issue of a $4.21 million 10% convertible promissory note on 12th November 2021 to StreetervilleCapital, LLC.
The board of directors of SPI approved this convertible promissory note that bears interest at the rate of 10% per year. The maturity date of this convertible promissory note is set to be 11 November 2022.
Conclusion
After the news hit the market, the stock of SPI Energy Co., Ltd. (SPI) saw a positive trend, and investors seemed to be taking a serious interest in its stock. The debut of the electric trucks by its subsidiary company kept the investors hooked and are likely to positively affect the stock of the company in the upcoming days.
