Solar Power expects to use the proceeds for working capital and to pay down debt, the Roseville, California-based company said today in a statement. It agreed to sell 92,620,000 shares of common stock at 27 cents each to non-U.S. investors.
The company said July 15 that it raised $21.8 million in a private placement of stock and convertible debt. Solar Power fell 1.8 percent to 39 cents at 10:58 a.m. in New York.
LDK owns about 71 percent of Solar Power, according to data compiled by Bloomberg.
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