ReneSola To Repurchase $13.2 Mln Of ADSs From ReneSola Singapore, Stock Up In Pre-market

(RTTNews) - ReneSola Ltd. (SOL), a solar project developer, said on Wednesday that it has signed a securities repurchase deal with its subsidiary ReneSola Singapore Pte. Ltd., to buy back 3 million American Depository Shares of $13.2 million, at a price of $4.4 per ADS. The company said Shah Capital will purchase the remaining 2.05 million ADSs of ReneSola Singapore at the same price, amounting to a sum of $9.02 million. Both transactions are privately negotiated.

The purchase price represents around a 25 percent discount on SOL's net asset value as of September 30, 2022. The closing of the transaction is expected to be within three business days from January 4.

Following the completion of the two transactions, ReneSola's primary shareholders will be all domiciled outside China.

SOL is trading up by 0.69 percent at $4.38 per share in pre-market on the New York Stock Exchange.