SHANGHAI, Jan. 30, 2017 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a
leading fully-integrated solar project developer and provider of
energy-efficient products, today announced a ratio change for the
Company's American Depositary Receipt ("ADR") program. As a result,
the number of the Company's shares represented by each American
Depositary Share ("ADS") will be changed from two (2) shares to ten
(10) shares (the "Ratio Change"). The ADR effective date of the
Ratio Change is expected to be February 10,
2017.
To effect this Ratio Change, ADS holders will be required to
exchange their existing ADSs for new ADSs on the basis of one (1)
new ADS for every five (5) existing ADSs surrendered. No fractional
ADSs will be issued. Instead, the Company's depositary, The Bank of
New York Mellon (the
"Depositary"), will aggregate fractional ADSs and attempt to sell
such ADSs in order to distribute any cash-in-lieu proceeds, net any
fees, to ADS holders. Further notice will be provided by the
Depositary.
For ReneSola's ADS holders, this Ratio Change will have the same
effect as a one-for-five reverse split. No new shares will be
issued in connection with the Ratio Change and ReneSola's ADSs will
continue to be traded on the New York Stock Exchange under the
symbol "SOL."
The Ratio Change will affect all ADS holders uniformly. The
Ratio Change will not reduce any ADS holder's percentage ownership
interest in the Company, except for minor adjustments that may
result from the treatment of fractional ADSs. Proportionate voting
rights and other rights and preferences of the ADS holders will not
be reduced by the ratio change (subject to the treatment of
fractional ADSs).
The Ratio Change is aimed to bring the price of the ADSs into
compliance with the continued listing standards of New York Stock
Exchange, which requires an average closing price of the Company's
ADSs of not less than $1.00 per ADS
over a consecutive 30-trading-day period. As a result of this Ratio
Change, the ADS price is expected to automatically increase
proportionally, although the Company can give no assurance that the
post-change ADS price will be equal to or greater than the
pre-change ADS price multiplied by five (5).
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand and
technology provider of energy efficient products. Leveraging its
global presence and expansive distribution and sales network,
ReneSola is well positioned to provide its highest quality green
energy products and on-time services for EPC, installers, and green
energy projects around the world. For more information, please
visit www.renesola.com.
Safe Harbor Statement
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. 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.
For investor and media inquiries for ReneSola, please
contact:
In China:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.