ReneSola to repurchase from ReneSola Singapore 3M ADSs for $13.2M

ReneSola announced that the company has entered into a securities repurchase agreement with ReneSola Singapore, pursuant to which, among other things, the company will repurchase from ReneSola Singapore 3M ADSs at a price of $4.40 per ADS, totaling $13.2M through a privately negotiated transaction. In addition, Shah Capital will purchase the remaining 2.05M ADSs owned by ReneSola Singapore at a price of $4.40 per ADS, totaling $9.02M through a privately negotiated transaction. The purchase price represents 25% discount to SOL‘s net asset value as of September 30, 2022. The closing of the share repurchase is expected to occur within three business days from January 4, subject to standard closing conditions. After the completion of the two transactions, ReneSola Power’s primary shareholders will be all domiciled outside of China.