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Australian cleantech SolarJuice (SJA), a spin-off from SPI Energy (NASDAQ:SPI), has proposed terms for a reduced initial public offering of US$20 million.
sun juice said in a presentation that it was considering offering 2.5 million shares of common stock priced between $7 and $9, which raise about $20 million if the price is in the middle ground. After the offer, SPI will continue to control a majority of the voting power in SolarJuice.
The underwriters would be granted a 45-day option to purchase up to an additional 375,000 shares. Maxim Group serves as the principal book broker. The company expects to trade its shares under the symbol SJA.
The company has been operating in the red. For the six-month period ended June 30, SolarJuice reported a net loss of $586,000 on net sales of $82 million. Solar Juice first filed for a US initial public offering in September, indicating it was looking to raise up to $40 million.
Based in Australia, SolarJuice is a provider of solar energy solutions for small commercial and residential buildings, including photovoltaic modules, inverters, roof systems, batteries and storage devices. Its main markets are the United States and Australia.
SolarJuice is part of a growing list of cleantech companies looking to list in the US. Israeli cleantech Enlight Renewable Energy (ENLT) (OTCPK:ENLTF) filed for a $100 million initial public offering on Friday, while Solar power company Flex (FLEX) Nextracker (NXT) filed for a $100 million initial public offering last week.
