JA Solar Drops On Secondary Issue

Shares of JA Solar

nose dived on a secondary issue of 30.9 million shares at a price of $5.825 per share. Here is the news from a

"JA Solar today announced that it has entered into a definitive agreement to acquire 100% ownership interest in Silver Age Holdings Limited, a British Virgin Islands company that owns 100% of Solar Silicon Valley Electronic Science and Technology Co., Ltd. (“Solar Silicon Valley”), a leading producer of solar wafers based in China, in a transaction that values Solar Silicon Valley at approximately US$180 million (the “Transaction”). At the time of closing JA Solar will issue 30.901 million ordinary shares as consideration at a price of US$5.825 per share."