LDK Solar (LDK) Will Sell 17M Common to Fulai Investments at $1.83/Share
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LDK Solar Co., Ltd. (NYSE: LDK) has entered into a share purchase agreement dated January 21, 2013 with Fulai Investments Limited, which has agreed to purchase 17,000,000 newly issued ordinary shares of LDK Solar at a purchase price of US$1.83 per share with an aggregate purchase price of US$31,110,000, subject to the terms and conditions of the share purchase agreement, including a lock-up for 180 days from the closing date of the contemplated transactions.
Pursuant to the share purchase agreement, the parties will endeavor to fulfill the closing conditions to consummate the transactions prior to February 28, 2013. Fulai Investments also has the right to designate two non-executive directors to the LDK Solar board upon consummation of the transactions. The net proceeds will be used for general corporate purposes in LDK Solar’s operations.
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Pursuant to the share purchase agreement, the parties will endeavor to fulfill the closing conditions to consummate the transactions prior to February 28, 2013. Fulai Investments also has the right to designate two non-executive directors to the LDK Solar board upon consummation of the transactions. The net proceeds will be used for general corporate purposes in LDK Solar’s operations.
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