Hanwha SolarOne halts shares sale

SolarOne's base in China

SolarOne's base in China

Hanwha SolarOne, the world’s eighth largest PV module supplier last year, has pulled the plug on its ongoing share offering amid significant headwinds for its stock price, raising just 30% of the $70m it had hoped to drum up.

Last November SolarOne announced it had tapped Credit Suisse to raise up to $70m selling its Nasdaq-listed American Depository Shares on an ongoing basis, with the money to be used upgrading its factories and fueling the expansion of its downstream business in China.

The day that SolarOne made that announcement – 15 November 2013 – shares in the company closed at $4.04. Since then, however, the company’s share price has fallen to $2.96, significantly denting its ability to raise money.

All told, Credit Suisse raised $21m for SolarOne by selling 6.7 million shares at an average price of $3.20, SolarOne Log in to read complete article.

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