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Stock Alert: ReneSola Down 19%

ReneSola Ltd (SOL) shares are trading down on Monday morning.

The fully integrated solar project developer announced $250 million Registered Direct Offering of American Depositary Shares or ADSs.

Currently, SOL is at $26.97, down 19 percent from the previous close of $33.55 on a volume of 4,720,958. For the 52-week period, the shares have traded in a range of $0.85 - $35.77 on average volume of 3,884,731.

The company said it entered into securities purchase agreements with several institutional investors for the purchase and sale of 10,000,000 of ADSs, each representing ten ordinary shares, at a purchase price of $25.00 per ADS, in a registered direct offering.

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