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JA Solar announces direct offering

  • JA Solar (JASO) announces a registered direct offering under which the company will sell 3,045,685 shares to an institutional investor for $7.88 per ADS.
  • The investor also gets a a series of warrants (four of them in total) to acquire additional shares at various exercise prices over the course of the next two years.
  • Gross proceeds for the company could total as much as $96M, not including the Series B warrant which cannot be exercised for a year. (PR)
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