ReneSola Announces Repurchase Transaction with ReneSola Singapore
Renesola has entered into a securities repurchase agreement with ReneSola Singapore Pte. Ltd.
September 03, 2022. By News Bureau
ReneSola Singapore will be subject to a 90-day lock-up restriction with respect to its remaining share ownership of the Company and other customary covenants.
The Company will enter into an amended and restated investor rights agreement separately with Shah Capital.
"This transaction is an important step in the multi-year transformation of our Company into a leading solar project developer," said Yumin Liu, ReneSola Power's Chief Executive Officer. "We are especially encouraged that Shah Capital has increased their already large commitment to the Company. We appreciate their support and vote of confidence."
The Board and the audit committee of the Board respectively approved the Company's entry into the securities repurchase agreement and the amended and rested investor rights agreement. Upon resignation of Ms. Crystal (Xinhan) Li and Ms. Maggie (Yuanyuan) Ma, the Board will have two vacancies.
The Board appointed ReneSola Power's Chief Executive Officer, Mr. Yumin Liu, to fill one of the vacancies. The other vacancy on the Board is pending further review and appointment by the Board.
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