PVTIME - ReneSola Ltd ("ReneSola Power" or the "Company") (NYSE: SOL) announced that it entered into securities purchase agreements with several institutional investors for the purchase and sale of 10,000,000 of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $25.00 per ADS, in a registered direct offering. The registered direct offering is expected to close on or about January 27, 2021, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the registered direct offering are expected to be $250.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds to expand its solar project pipeline (including combined solar/storage initiatives), to fund possible strategic acquisitions, and to meet general working capital needs.
The securities described above are being offered pursuant to a "shelf" registration statement (File No. 333-252137) filed with the Securities and Exchange Commission (SEC) on January 15, 2021 and declared effective on January 25, 2021. Such securities may be offered 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 relating to the offering of the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: email@example.com or by telephone: (646) 975-6996.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.