ReneSola Ltd (NYSE:SOL) Doesn’t Have Working Capital?
On 17 September, ReneSola Ltd (NYSE:SOL) announced the closure of its $70M securities offering that had been previously announced. The net proceeds of this offering are expected to be used for polysilicon-production optimization. It will also be used as working-capital for other general corporate purposes. ReneSola Ltd (NYSE:SOL) offered the securities pursuant to the shelf-registration statement that had been previously filed with and then declared effective by the SEC.
In Friday’s trading session, ReneSola Ltd (NYSE:SOL) stock rose by 8.76%. The opening price of the shares was $4.47 which rose to an intraday high of $4.90 and dropped to a close of $4.84. Approximately 9.69 million shares were traded on Friday and the average volume of shares traded over a 30 day period was $4.83 million. The 52-week low of the shares was $1.08 and the 52-week high was $5.97. The company has a market cap of $418.11 billion.
About the company
ReneSola Ltd (NYSE:SOL) was incorporated on 17 March 2006. It is a global manufacturer of solar-wafers and it also produces solar-power products. It has a network of suppliers and customers across the globe. These include global solar cells and module manufacturers. As of 31 December 2012, it had an annual wafer-manufacturing capacity of around 2,000 MW. This consisted of mono-crystalline wafer-manufacturing capacity of around 400 MW and multi-crystalline wafer-manufacturing capacity of around 1,800 MW.
As of 31 December 2012, its module and cell-manufacturing capacities were 1,200 MW and 240 MW respectively. As of 31 December 2012, its polysilicon-manufacturing facility in Sichuan Province’s Meishan had an annual manufacturing-capacity of 10,000 metric tons. Its polysilicon manufacturing-facility uses a closed loop modified Siemens process for the production of polysilicon. In addition to this, as of 31 December 2012, ReneSola Ltd (NYSE:SOL) had certain mono-crystalline ingot-manufacturing processing arrangements with 3rd party manufacturers.