Business
Why ReneSola’s Shares Plunged 25.4% Today – The Motley Fool
A big share sale isn’t pleasing investors today.
What happened
Shares of solar developer ReneSola(NYSE:SOL) fell as much as 25.4% in trading on Monday after announcing a large share offering. Shares are trading down 23% at 3:20 p.m. EDT.
So what
ReneSola announced it was selling 10 million American depositary shares at $25 apiece in a deal that’s expected to close on or about Jan. 27, 2021. Proceeds are expected to be around $250 million, which ironically is more than the company’s entire market capitalization as recently as October 2020.
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