China-based PV manufacturer and downstream project developer ReneSola has officially completed the divestment of its integrated solar manufacturing operations to its chairman and CEO to focus exclusively on downstream business development.
China-based integrated PV manufacturer Renesola has appointed a third-party financial and legal firms to provide advise on the proposal by its chairman and CEO, Xianshou Li to purchase the PV manufacturing and LED distribution businesses so the company can move completely downstream.
Solar wafer and module manufacturer ReneSola reported higher shipments than expected in the fourth quarter of 2016 but gross margin collapsed to 2.1%, well below guidance, while losses increased to US$25.5 million.
Integrated PV manufacturer and project developer ReneSola said it planned to undertake a reverse stock split in February, 2017 to restore its compliance with the New York Stock Exchange’s (NYSE) minimum US$1.0 stock price rules.
Integrated PV manufacturer and project developer ReneSola continues to suffer from the slowdown in demand in China, reporting lower than expected revenue and shipments in the third quarter that led to a net loss for the first time in a year.
China-based integrated PV manufacturer ReneSola has been warned by the New York Stock Exchange (NYSE) that it is at threat of being de-listed, due to non-compliance with the US$1.00 minimum share price rule.
Integrated PV module manufacturer ReneSola has extended its original stock repurchase program, under which it could repurchase up to US$20 million of its outstanding American depositary shares (ADS’s).
Solar wafer and module manufacturer ReneSola reported second quarter 2016 results impacted by a module end market demand slowdown in China and high polysilicon prices, while wafer ASPs decline, squeezing revenue and margins.
PV wafer and module manufacturer ReneSola reported first quarter 2016 results inline with guidance as the company continues to shift away from its OEM module business and focus on downstream PV power plant projects.