ReneSola Takes Advantage Of High Price And Raises $250 Million From Institutional Investors

ReneSola Ltd (NYSE: SOL) has raised $250 million in a secondary direct offering of 10 million shares at $25 per ADS from several institutional investors.
Two weeks ago, ReneSola had raised $40 million by offering shares at $16 per ADS.
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As of September 2020 quarter, ReneSola had a paltry $15.6 million cash on its balance sheet. It has used the advantage of the 1,713% gain in share price in the last one year to bolster its balance sheet by raising capital.
ReneSola intends to use the net proceeds to expand its solar project pipeline, financing of strategic acquisitions, and working capital requirements.
H.C. Wainwright was the placement agent for the offering. Roth Capital Partners and Raymond James were the financial advisors.
Price Action: ReneSola shares are lower by 10.1% at $21.28 on the last check Thursday.