ReneSola (SOL) Extends $20M Stock Buyback Program
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ReneSola Ltd (NYSE: SOL) announced that its Board of Directors has authorized the Company to extend its original stock repurchase program, under which the Company may repurchase up to $20 million in aggregate value of its outstanding American depositary shares ("ADSs"), for another 12 months ending September 2017.
Under the program, the Company may, from time to time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to $20 million in aggregate value of the Company's outstanding ADSs. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals.
On September 23, 2015, the Company's Board of Directors authorized the original share repurchase program for a term of 12 months, under which the Company has purchased in aggregate over 1.48 million ADSs.
"Our share buyback program continues to demonstrate our commitment to our shareholders," said Xianshou Li, ReneSola's Chairman and Chief Executive Officer. "We remain focused on generating cash flow and directing it toward value-enhancing uses, including debt repayment, reducing our share count and growing our downstream project business. We expect to continue to make significant progress on all three fronts within the next 12 months."
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