STAMFORD, Conn., Dec. 23, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com)
(NYSE: SOL), a leading fully integrated solar project developer,
today announced that it entered into securities purchase agreements
with several institutional investors for the purchase and sale of
approximately 2.105 million of American Depositary Shares (ADSs),
each representing ten (10) ordinary shares, at a purchase price of
$9.50 per ADS, in a registered direct
offering. The registered direct offering is expected to close
on or about December 28, 2020, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering. Roth Capital Partners is acting as
financial advisor for the offering.
The gross proceeds from the registered direct offering are
expected to be approximately $20.0 million before
deducting placement agent fees and other offering expenses. The
Company intends to use the net proceeds for expanding new solar
project pipeline and general working capital need.
The securities described above are being offered pursuant to a
"shelf" registration statement (File No. 333-240293) filed with the
Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on
August 11, 2020. 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: placements@hcwco.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.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project
developer and operator. The Company focuses on solar power project
development, construction management and project financing
services. With local professional teams in more than 10 countries
around the world, the business is spread across a number of regions
where the solar power project markets are growing rapidly, and can
sustain that growth due to improved clarity around government
policies. The Company's strategy is to pursue high-margin project
development opportunities in these profitable and growing markets;
specifically, in the U.S. and Europe, where the Company has a market-leading
position in several geographies, including Poland, Hungary, Minnesota and New
York.
Forward-Looking Statements
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
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. Furthermore, the forward-looking
statements are mainly related to our ability to complete the
registered direct offering and satisfy the closing conditions
related to the offering, the intended use of net proceeds from the
registered direct offering, the Company's continuing operations and
you may not be able to compare such information with the Company's
past performance or results. The Company does not guarantee that
the forward-looking statements will happen as described or that
they will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements is included in the
Company's filings with the U.S. Securities and Exchange Commission,
including the Company's annual report on Form 20-F. The Company
undertakes no obligation, beyond that required by law, to update
any forward-looking statement to reflect events or circumstances
after the date on which the statement is made, even though the
Company's situation may change in the future, except as required by
law.
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SOURCE ReneSola Ltd.