Why ReneSola Stock Got Crushed Today

Shares of ReneSola (NYSE: SOL) were crushed today, down by 19% as of 1:45 p.m. EST after the company announced  a stock offering. Separately, the company also announced  an agreement to sell solar assets.

ReneSola is looking to raise $20 million in fresh capital through a new registered direct offering. The solar company will sell roughly 2.1 million American depository shares (ADS) at a price of $9.50 per share. That offering price represents a 21% discount from yesterday's close of $12. ReneSola intends to use the net proceeds from the deal for working capital as well as to expand its pipeline of new solar projects.

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Source Fool.com