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SPNEC receives 99.9% of SRO payments

SP New Energy Corp. (SPNEC) has collected 99.9% or P2.8 billion of the subscription payments for its stock rights offering (SRO) priced at P1.50 per share, it stated in a disclosure on Tuesday.

“SPNEC is coordinating with the relevant parties for the completion of the requirements of its SRO,” the company said.

In June 2022, the company filed its initial SRO prospectus with the Securities and Exchange Commission and Philippine Stock Exchange of about 1.88 billion shares, initially priced at a range of P1.50 to P1.76 per share. The SRO was issued from the company’s unissued authorized capital stocks.

A price adjustment was disclosed in July 2022 for a range of P1.50 to P1.75 per share, with an offer amount of P2.81 billion to P3.3 billion.

Additionally, the company extended the payment period for partially paid rights shares to three months as stated in its prospectus. Up to 578.8 million SRO shares remain partially paid during this period. The extension was from Dec. 5, 2022 to March 5, 2023.

“The payment of the balance of 75% of the total subscription price of the partially paid Rights Shares would be on the same terms as those paid prior to this extension of the payment period,” the company said in an earlier disclosure.

SPNEC’s public float has increased to about 4.8 billion shares. It will also continue the asset-for-share swap with Solar Philippines Power Project Holdings, Inc., which will enable it to reach 20% public float.

At the local bourse on Tuesday, shares for SPNEC remained unchanged at P1.69 apiece. — Adrian H. Halili

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