ReneSola Prices $70 Mln Offering

(RTTNews) - ReneSola Ltd (SOL) said Wednesday that it has priced a registered direct offering of about $70 million in American Depositary Shares, each representing two shares of the company, at a price of $4.67 per

ADS. Investors will also receive 35% warrant coverage in the offering with an initial exercise price of $6.04 per ADS or $3.02 per share. The warrants will expire four years from the date of issuance.

After deducting the placement agent fees and estimated offering expenses payable by the company, the company expects to receive net proceeds of about $65.9 million.

The offering is expected to close on September 16.