Why ReneSola's Stock Is Trading Lower Today

ReneSola SOL shares are trading lower on Monday after the company announced a $5 million registered direct offering.

ReneSola is a Chinese manufacturer of crystalline silicon raw material, ingots, and solar wafers. Solar wafers are used by manufacturers of photovoltaic cells for the generation of electricity from sunlight. It operates in three segments such as Wafer, Cell and module, and Solar power projects. The Wafer segment involved the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services. The Cell and module segment manufactures and sale of PV cells and modules.

ReneSola shares traded down 9.08% to $3.76 on Monday at the time of publication. The stock has a 52-week high of $4.33 and a 52-week low of 85 cents.