Canadian Solar Slides on Plan to Sell $100 Million in Sharesby
Canadian Solar Inc., the world’s third-biggest solar manufacturer, slipped the most in six weeks after announcing plans to sell as much as $100 million of common shares through an at-the-market equity offering.
The shares declined 3.4 percent to $27.98 at the close in New York, the most since November 17. Canadian Solar has a market value of $1.57 billion, according to data compiled by Bloomberg.
Credit Suisse Group AG is the sales agent, Canadian Solar said in a statement Monday. The Guelph, Ontario-based solar company plans to use the proceeds for project development and working capital.
As of Dec. 31, Canadian Solar had almost 56 million common shares outstanding. Yingli Green Energy Holding Co. and Trina Solar Ltd. were the biggest solar manufacturers, by 2014 shipments, the last full-year for which data is available.