ReneSola Ltd. (NYSE: SOL), a fully integrated solar project developer, announced that its board of directors had authorized the repurchase of up to $50 million of the company’s outstanding American Depositary Shares (“ADS”). The authorization is effective immediately and has no expiration. As of this date, the company had approximately 70 million ADS outstanding.
ReneSola Power Chief Executive Officer Yumin Liu said, “This share repurchase authorization demonstrates the confidence of our board and management team in the strength of our business and compelling prospects for growth. We believe the valuation of our shares may represent exceptional value from time to time, and this authorization enables us to make an astute investment in ourselves as market conditions warrant.”
ReneSola Power may purchase ADS from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase programs, or other means. The manner, timing, price, and amount of any transactions will be subject to the company’s discretion. It may be based upon market conditions, regulatory requirements, and alternative opportunities that ReneSola Power may have for the use or investment of its capital.