ReneSola Power Announces $5 Million Registered Direct Offering
ReneSola Ltd leading fully integrated solar project developer, today announced that it has entered into securities purchase agreements with several institutional investors for the purchase and sale of 2,500,000 American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $2.00 per ADS, in a registered direct offering. The registered direct offering is expected to close on or about September 25, 2020, subject to the satisfaction of customary closing conditions.
The gross proceeds from the registered direct offering are expected to be $5.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for expanding new solar project pipelines and general working capital needs.
The securities described above are being offered pursuant to a “shelf” registration statement (File No. 333-240293) filed with the Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on August 11, 2020. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by email: [email protected] or by telephone: (646) 975-6996.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these 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 ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.
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SOURCE ReneSola Power
