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.
|
| Issue: | American Depositary Shares
|
| Amount: | $70 million
|
| Price: | $4.67
|
| Warrants: | 35% coverage
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $6.04
|
| Agent: | Roth Capital Partners, LLC
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 16
|
| Stock symbol: | NYSE: SOL
|
| Stock price: | $5.49 at close Sept. 10
|
| Market capitalization: | $371.25 million
|
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