ReneSola Power Announces $ 250 Million Registered Direct ADS Offer
STAMFORD, Connecticut, January 25, 2021 / PRNewswire / – ReneSola Ltd (“ReneSola Power” or the “Company”) (NYSE: SOL), a leading developer of fully integrated solar projects, today announced that it has entered into securities purchase agreements with several institutional investors for the purchase and sale of 10,000,000 American Depositary Shares (ADS), each representing ten (10) ordinary shares, at a purchase price of $ 25.00 by ADS, in a registered direct offer. The registered direct placement is expected to close on or around January 27, 2021, subject to the satisfaction of customary closing conditions.
HC Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds of the registered direct offer should be $ 250.0 million before deduction of sales agent fees and other offering fees. The Company intends to use the net proceeds to expand its portfolio of solar projects (including combined solar / storage initiatives), to fund possible strategic acquisitions and to meet general working capital needs.
The securities described above are offered under a “shelf” registration statement (file no. 333-252137) filed with the Securities and Exchange Commission (SEC) on January 15, 2021 and declared in force on January 25, 2021. These securities may only be offered by means of a prospectus, including a prospectus supplement, which forms part of the actual 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 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 HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York State 10022, by e-mail: [email protected] or by phone: (646) 975-6996.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor any sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification in under the securities laws of such jurisdiction.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global developer and operator of solar projects. The Company focuses on solar energy project development, construction management and project finance services. With local professional teams in more than 10 countries around the world, the company is spread over a number of regions where the markets for solar energy projects are growing rapidly and can support this growth through improved clarity of government policies. The Company’s strategy consists of seeking high-margin project development opportunities in these profitable and growing markets; in particular, in the United States and Europe, where the Company occupies a market leadership position in several geographies, including Poland, Hungary, Minnesota and new York.
This press release contains statements that constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the United States. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (for example, when the company describes what it “believes”, “plans”, “expects” or “Anticipates” will occur, “will” or “may” occur, and other similar statements), you should remember that the Company’s expectations may not be correct, even if it believes they are reasonable. In addition, forward-looking statements relate primarily to our ability to complete the registered direct offer and meet the closing conditions related to the offer, the intended use of the net proceeds from the registered direct offer, the continuing operations of the Company and you may not be able to compare them in training with the past performance or results of the Company. The Company does not guarantee that any forward-looking statements will work as described or that they will occur at all. Further information regarding the risks and uncertainties that could cause actual results to differ materially from forward-looking statements is included in the documents filed by the Company with the United States Securities and Exchange Commission, including the annual report of the Company on form 20-F. The Company assumes no obligation, beyond what is required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even if the situation of the Company may change in the future, except as required by law. .
For investor and media inquiries, please contact:
In the United States:
Sir. Adam krop
+1 (347) 577-9055 x115
The Blueshirt group
Sir. Ralph Fong
+1 (415) 489-2195
M / s. Ella Li
+86 (21) 6280-8070 x102
The Blueshirt Asia Group
Sir. Gary Dvortchak, CFA
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SOURCE ReneSola Ltd.