Seeking Alpha

Canadian Solar announces $50M stock offering, shares fall

  • Canadian Solar (CSIQ -8%) plans to sell $50M worth of shares through an at-the-market offering run by Credit Suisse.
  • Based on CSIQ's current trading price and its diluted share count at the end of Q2, the offering stands to increase the company's share count by 10%.
  • CSIQ plans to use the proceeds for "general corporate purposes, which may include solar power project development expenses and working capital."
  • The company filed a $200M mixed shelf a month ago. Though shares have sold off since the company delivered a Q2 miss last week, they're still up over 3x YTD.
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