First Solar Inc. (FSLR) said Tuesday it has closed an underwritten public offering of about 9.75 million shares of its common stock at a public offering price of $46.00 per share. First Solar received about $427.7 million in net proceeds from the offering after deducting certain expenses.
The share offering includes about 1.25 million shares issued and sold as a result of the exercise of substantially all of the underwriters' over-allotment option.
First Solar, based in Tempe, Arizona, said it plans to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects, and capital expenditures, among others.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. acted as joint book-running managers for the offering.
First Solar is a provider of comprehensive photovoltaic solar power systems which use its module and systems technology.
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