Investors will also receive 35% warrant coverage; Roth acts as agent
By Angela McDaniels
Tacoma, Wash., Sept. 11 - ReneSola Ltd. sold $70 million of American Depositary Shares in a registered direct offering. Each ADS represents two shares of the company.
The price was $4.67 per ADS, according to a company news release.
Investors will also receive 35% warrant coverage. The initial exercise price is $6.04 per ADS, or $3.02 per share. The warrants will expire after four years.
The price per ADS is a 14.9% discount to the company's $5.49 closing ADS price on Sept. 10. The warrant exercise price is a 10.0% premium to the closing ADS price.
Roth Capital Partners, LLC was the placement agent.
ReneSola makes solar PV products. It is based in Jiashan, China.
Issuer: | ReneSola Ltd.
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Issue: | American Depositary Shares
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Amount: | $70 million
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Price: | $4.67
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Warrants: | 35% coverage
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Warrant expiration: | Four years
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Warrant strike price: | $6.04
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Agent: | Roth Capital Partners, LLC
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Pricing date: | Sept. 11
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Settlement date: | Sept. 16
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Stock symbol: | NYSE: SOL
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Stock price: | $5.49 at close Sept. 10
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Market capitalization: | $371.25 million
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