SHANGHAI, Sept. 16, 2019 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading fully integrated solar project developer, today announced
that its major shareholder, Shah Capital Opportunity Fund LP
("Shah"), has tentatively agreed to terms for the purchase of newly
issued shares. The term sheet contemplates Shah purchasing
100,000,000 ordinary shares at a price of US$0.11 per share, for a total consideration of
US$11 million.
The purchase price is equivalent to US$1.10 per ADS, representing an approximately
12% premium based on the average closing price in the last 30
trading days. As a reminder, the Company's American
Depositary Shares each represent 10 ordinary shares.
The term sheet was signed on September
12, 2019. Closing of the transaction will be
contingent on customary closing conditions. For a period of 180
days following the closing of the proposed transactions, any shares
acquired in the proposed transactions (or ADSs representing such
shares) should not be allowed to be transferred to any person other
than Shah's affiliates without the Company's written consent.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer. Leveraging its global presence and solid
experience in the industry, ReneSola is well positioned to develop
green energy projects with attractive return around the world. For
more information, please visit www.renesolapower.com.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Ms. Ella Li
+86 (21) 6280-8070 x102
ir@renesolapower.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.