SPI Energy soars more than 1,200% on electric vehicle plans
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. jumped after launching a unit, EdisonFuture, to design and develop electric vehicles and charging solutions Wednesday. The stock gained 1,237% to $14 per share Tuesday and triggered at least seven volatility trading halts over four hours.
The company has about 14.8 million shares outstanding, along with a float of about 7.4 million, according to data compiled by Bloomberg. Trading volume Wednesday topped 300 million shares, nearly 700 times its usual activity.
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“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.