that its Chairman and CEO, Mr. Guohua Ku, has entered into a Share Purchase Agreement (“SPA”) with the Company on August 27, 2014 to purchase 13,829,074 shares of common stock of the Company (the “Shares”) at the market price. The SPA was unanimously approved by the Company’s Board of Directors on August 25, 2014, and became effective upon the execution by the parties, today.
Under the SPA, the Company shall issue and sell the Shares to Mr. Ku at US$1.37 per share, the average closing price quoted on the NASDAQ Global Market for the common stock of the Company for the 15 trading days prior to the effective date of the SPA. The total purchase price for the Shares shall be paid by Mr. Ku within 20 days of the effective date of the SPA.
Mr. Ku stated,
“I have full confidence in the future of the Company and I am pleased to be able to further my contribution to its ability to grow and capitalize on the huge market potential in this new energy industry. I believe that, with the solid execution track record of the Company, CREG is well positioned to capture the significant growth opportunities in the energy saving and recycling market in China and deliver long-term shareholder value.”