LDK Solar Co. Ltd. (NYSE: LDK) remains a very challenged company. This is to the point that the Chinese solar players is raising cash yet again in an amount that is small enough that you might really think LDK is a private company rather than a public one.
LDK sent out notice on Tuesday that the photovoltaic manufacturer sold the remainder of the 12,000,000 newly issued ordinary shares of LDK Solar to Fulai Investments. With the newly issued shares going off at a price of $1.28 per share, the total purchase comes to about $15.36 million. The original share purchase agreement was dated January 21, 2013, and was amended and supplemented by the parties.
As a part of the share purchase agreement, Fulai has the right to designate two nonexecutive directors to LDK Solar’s board now that the transactions have been consummated. The net proceeds are said to be intended for general corporate purposes in LDK Solar’s operations. We would argue that they are being used for survival.
LDK shares are down almost 8% at $1.08, against a 52-week trading range of $0.71 to $4.57. Yahoo! Finance lists the market cap as being $137.5 million, but we have not tallied up the new shares against the other shares to see whether this includes the newly issued shares.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.