Why ReneSola’s Shares Popped 16.4% Today

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Shares of solar developer ReneSola (NYSE: SOL) jumped as much as 16.4% in trading Tuesday after closing on $40 million in new financing. The gains held throughout the day, and at 2:10 p.m. EST, shares were still up 13% on the day.

ReneSola closed a previously announced $40.0 million registered direct offering: 2.5 million American Depositary Shares, or ADSs, were sold for $16 per share. Notably, that’s well below where shares are trading today.

Image source: Getty Images.

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