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Canadian Solar's Subsidiary CSI Solar Announces Full Exercise of the Over-Allotment Option
Guelph, ON, July 17, 2023 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced that, in connection with the
About this update from Canadian Solar Inc.
[{"type":"text","content":"Guelph, ON, July 17, 2023 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced that, in connection with the initial public offering (\"IPO\") of its majority-owned subsidiary CSI Solar Co., Ltd. (\"CSI Solar\"), CSI Solar has issued an additional 81,158,500 shares at the IPO price of RMB11.10 per share to cover over-allotments. As a result, CSI Solar has raised additional gross proceeds of RMB0.9 billion (approximately US$125 million), in addition to the previously announced IPO gross proceeds of RMB6.0 billion (approximately US$850 million), before deducting offering expenses. CSI Solar raised an aggregate of RMB6.9 billion (approximately US$975 million) in gross proceeds from the IPO.\nAfter deducting the offering expenses of RMB278 million, the net proceeds from the IPO were RMB6.6 billion (approximately US$925 million).\nCSI Solar has issued 81,158,500 additional shares, representing approximately 15% of the 541,058,824 shares initially available under the IPO before any exercise of the over-allotment option. As a result, the total shares issued by CSI Solar were 622,217,324, representing approximately 17% of the 3,688,217,324 shares outstanding after the IPO. Following the exercise of the over-allotment option, Canadian Solar owns approximately 62% of CSI Solar.\nThe shares of CSI Solar will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.\nAbout Canadian Solar Inc.\nCanadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of...