- ReneSola (SOL -18.9%) is selling $70M worth of shares (net proceeds of $65.9M) at $4.67, well below yesterday's closing price of $5.49. Moreover, the offering includes warrants equal to 35% of the offered shares, and carrying an initial exercise price of $6.04. The warrants expire after 4 years. (PR)
- Between the shares and the warrants, the offering could eventually increase ReneSola's ADS share count by 23% from a current 86.9M.
- ReneSola is far from the only solar company looking to raise fresh capital following a big 2013 run-up (I, II, III)
ReneSola crashes after pricing $70M stock/warrant offering
Sep 11 2013, 10:59 ET