PVTIME – Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), announced today that it has filed a prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”), under which it may offer and sell an aggregate of up to US$150 million of its common shares from time to time through an at-the-market equity offering program (“ATM Offering”).
Canadian Solar intends to use the net proceeds from the ATM Offering to further enhance the Company’s ability to execute its long-term strategic growth plans, including investing in its battery storage business and growing its storage pipeline. The Company may also use a portion of net proceeds to invest in or acquire businesses, assets or technologies that it believes are complementary to its business, including investments to strengthen its portfolio of stable, cash-yielding solar power projects that it has developed, and may be monetized through public vehicles in markets such as Brazil and Europe. Canadian Solar is not obligated to sell any common shares under the ATM Offering. The timing of any sales will depend on a variety of factors to be determined by the Company. The Company expects to complete the ATM Offering over the course of approximately six months or longer if necessary.
The common shares will be offered and sold through US Tiger Securities Inc. as sales agent. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices. As a result, sales prices may vary. The ATM Offering shall be carried out by means of ordinary broker transactions, in negotiated arrangements at market prices or as otherwise agreed with the sales agent.
The common shares will be offered under the Company’s automatic shelf registration statement on Form F-3, which was filed on May 27, 2021 and became effective upon filing. Prospective investors should read the prospectus, the prospectus supplement and other documents the Company has filed with the SEC (some of which are incorporated by reference into the prospectus and prospectus supplement) for more complete information about the Company and the ATM Offering. Copies of the prospectus supplement and accompanying prospectus relating to the ATM Offering may be obtained without charge by visiting the SEC’s website at www.sec.gov or by contacting US Tiger Securities, Inc. at 437 Madison Ave 27th Floor, New York, NY 10022, by email: IB@ustigersecurities.com.
This press release is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, which is made only by means of a prospectus supplement and related prospectus. There will be no sale of these securities in any jurisdiction in which such an offer, solicitation of an offer to buy or sale would be unlawful.