Guelph,
ON, July 17, 2023 /PRNewswire/ -- Canadian
Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today
announced that, in connection with the initial public offering
("IPO") of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI
Solar"), CSI Solar has issued an additional 81,158,500 shares at
the IPO price of RMB11.10 per share
to cover over-allotments. As a result, CSI Solar has raised
additional gross proceeds of RMB0.9
billion (approximately US$125
million), in addition to the previously announced IPO gross
proceeds of RMB6.0 billion
(approximately US$850 million),
before deducting offering expenses. CSI Solar raised an aggregate
of RMB6.9 billion (approximately
US$975 million) in gross proceeds
from the IPO.
After deducting the offering expenses of RMB278 million, the net proceeds from the IPO
were RMB6.6 billion (approximately
US$925 million).
CSI Solar has issued 81,158,500 additional shares, representing
approximately 15% of the 541,058,824 shares initially available
under the IPO before any exercise of the over-allotment option. As
a result, the total shares issued by CSI Solar were 622,217,324,
representing approximately 17% of the 3,688,217,324 shares
outstanding after the IPO. Following the exercise of the
over-allotment option, Canadian Solar owns approximately 62% of CSI
Solar.
The shares of CSI Solar will not be and have not been registered
under the Securities Act of 1933 and may not be offered or sold in
the United States absent
registration or an applicable exemption from registration
requirements.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered around 94 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built and connected over 8.8 GWp in over 20
countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline. Canadian
Solar is one of the most bankable companies in the solar and
renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the Company,
follow Canadian Solar on LinkedIn or visit
www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets, such as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
Investor Relations Contacts:
Isabel Zhang
Investor
Relations
Canadian Solar
Inc.
investor@canadiansolar.com
|
David
Pasquale
Global IR
Partners
Tel:
+1-914-337-8801
csiq@globalirpartners.com
|
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SOURCE Canadian Solar Inc.