ReneSola’s board of directors has adopted a shareholders rights plan to help protect the best interests of the company and its shareholders. The plan will be exercised if a person or group acquires 15% or more of the wafer manufacturer's voting securities or announces a tender offer for 15% or more of the voting securities.
An exercise price of US$20 per right has been set to purchase one ordinary share. The company's board of directors will be entitled to redeem the rights at US$0.0001 per right at any time before a person or a group acquires 15% or more of the securities.
ReneSola is also planning to buy back up shares worth up to US$100 million. CEO Xianshou Li said in a statement that the company is buying back the shares because it believes they are undervalued.
“Despite relatively weak capital markets and a challenging solar market, we are confident in the long-term prospects of our business and the industry as a whole,” Li said.