The New share represents 10 shares, the investor loses nothing. READ BELOW from the merger agreement last month.
Pursuant to the Merger Agreement, each ten issued and outstanding shares of the Company's common stock acquired prior to 3:00 P.M. EST, November 5, 2015 will be converted into the right to receive one American depositary share, representing ten SPI Energy ordinary shares ("ADS"); and issued and outstanding shares of the common stock of the Company acquired after 3:00 P.M. EST, November 5, 2015 will receive SPI Energy ordinary shares.
SPI and SPI Energy are in the process of applying for listing of the ADSs with the Nasdaq Capital Market and expect to complete that process in early 2016.