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The gross proceeds from the registered direct offering are anticipated to be $40.0 million before reducing placement agent fees as well as other offering expenses. The Company plans to use the net proceeds for expanding the new solar project pipeline and general working capital requirement.
Fremont, CA: ReneSola, a completely integrated solar project developer, has declared that it entered into securities purchase agreements with several institutional investors for the purchase as well as the sale of 2.50 million of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $16.00 per ADS, in a registered direct offering.
The registered direct offering is expected to close on or around January 11, 2021, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is playing the role of the exclusive placement agent for the offering.
The gross proceeds from the registered direct offering are anticipated to be $40.0 million before reducing placement agent fees as well as other offering expenses. The Company plans to use the net proceeds for expanding the new solar project pipeline and general working capital requirement.
The securities described above are being provided pursuant to a "shelf" registration statement filed with the Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on August 11, 2020. Such securities may be provided 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 associated with the offering of the securities will be filed with the SEC.
