A-Power Energy Generation Systems Ltd. Announces Pricing of $40 Million Senior Convertible Notes
Monday, Jun 22, 2020

SHENYANG, China /PRNewswire-Asia-FirstCall/ — A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR; “A-Power” or “the Company”), a leading provider of distributed power generation systems in China and a fast-growing manufacturer of wind turbines, today announced it has signed a Securities Purchase Agreement with several institutional investors. The institutional investors have agreed to purchase Senior Convertible Notes with an aggregate principal amount of $40 million, plus warrants. The Company anticipates using the proceeds for expansion of production capacity, enhancement of research and development, and general corporate purposes.

The issuance of the Notes and the Warrants was done in reliance on the exemptions for sales of securities not involving a public offering, as set forth in Section 4(2) and Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended (the ”Act”). The underlying shares of common shares associated with the offering have not been registered under the Act, or any state securities laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from the registration requirements. A-Power has agreed to file a registration statement with the SEC covering resales of shares of common stock issued upon the conversion of Notes and upon exercise of Warrants.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About A-Power

A-Power Energy Generation Systems Ltd. (“A-Power”), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China’s largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with technologies licensed from German Fuhrlander AG and Denmark-based Norwin, and a total annual production capacity of 1,125MW. A-Power also has strategic relationships with Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com/ .


Source: PR Newswire

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