China-based e-commerce company SPI Energy Co. Ltd., which got listed on the Nasdaq stock exchange in January, is looking to raise about $100 million through a sale of common stock.

SPI Energy provides products and financing related the solar-powered energy industry through two e-commerce sites—solar products site Solartao.com and solar projects financing site Solarbao.com, which is only available in China. The company reported today that it has agreements with existing shareholders and other investors to purchase shares at $2.59 per American depository share, or ADS, which is the U.S. dollar-denominated equity share of a foreign-based company listed on a U.S. stock exchange.

SPI says it plans to use the funds to expand its global photovoltaic projects and cover costs of general corporate operations. Photovoltaic products include solar panels and related equipment and materials used to convert sunlight into electricity.

SPI joined the Nasdaq Global Select Market in January 2016 as a way to transform from a primarily China-focused business to a global provider of products, services and financing for green energy systems, SPI chairman and CEO Xiaofeng Peng said on Jan. 21, when SPI rang the opening bell as a newly listed company.

At midday today, SPI’s stock price was trading around $2.46, down from Monday’s close of $2.50.

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