ReneSola (SOL) Announces Propsed 1.538M Share Registered Direct Offering

ReneSola Ltd (NYSE: SOL) today announced that it entered into securities purchase agreements with several institutional investors for the purchase and sale of 1,538,462 American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $3.25 per ADS, in a registered direct offering. The registered direct offering is expected to close on or about October 14, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. Roth Capital Partners is acting as financial advisor for the offering.

The gross proceeds from the registered direct offering are expected to be approximately $5.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for expanding new solar project pipeline and general working capital need.

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