Canadian Solar prices stock issue at $15.75 a share
The vertially integrated solar manufacturer says it will sell up to 6 million shares of stock at $15.75 each in a follow-on offer that would raise a net $94.5m to support general corporate purposes.
Its shares closed at $17.54 on Tuesday when the follow-on stock offer was announced. In Friday morning trading on the NASDAQ, Canadian Solar shares were declining to the offering price.
The company's underwritiers -- Morgan Stanley, Deutsche Bank Securities and Piper Jaffray, with Wells Fargo Securities as co-manager -- have a 30-day option on an additional 900,000 shares.
Earlier this week, Canadian Solar raised its estimates for third quarter revenue and shipments.
Published: Friday, October 16 2009
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