ReneSola Power Reveals Share Repurchase & Ownership Independence From ReneSola Singapore

ReneSola Ltd SOL has entered into a securities repurchase agreement with ReneSola Singapore Pte. Ltd.
Under the agreement, the company will repurchase from ReneSola Singapore 3 million American Depository Shares at a price of $4.4 per share, totaling $13.2 million.
In addition, Shah Capital will purchase the remaining 2.05 million ADSs owned by ReneSola Singapore at $4.4 per ADS, totaling $9.02 million through a privately negotiated transaction.
The purchase price represents ~25% discount to ReneSola's net asset value as of September 30, 2022.
The closing of the share repurchase is expected to occur within three business days from January 4, 2023.
After completing the two transactions, ReneSola's primary shareholders will be all domiciled outside of China.
Price Action: SOL shares are trading higher by 1.84% at $4.43 in premarket on the last check Wednesday.