SHANGHAI, Sept. 16, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that its major shareholder, Shah Capital Opportunity Fund LP ("Shah"), has tentatively agreed to terms for the purchase of newly issued shares. The term sheet contemplates Shah purchasing 100,000,000 ordinary shares at a price of US$0.11 per share, for a total consideration of US$11 million.
The purchase price is equivalent to US$1.10 per ADS, representing an approximately 12% premium based on the average closing price in the last 30 trading days. As a reminder, the Company's American Depositary Shares each represent 10 ordinary shares.
The term sheet was signed on September 12, 2019. Closing of the transaction will be contingent on customary closing conditions. For a period of 180 days following the closing of the proposed transactions, any shares acquired in the proposed transactions (or ADSs representing such shares) should not be allowed to be transferred to any person other than Shah's affiliates without the Company's written consent.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
For investor and media inquiries, please contact:
Ms. Ella Li
+86 (21) 6280-8070 x102
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
In the United States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
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SOURCE ReneSola Ltd.