September 24, 2008
LDK Solar this afternoon said it completed the sale of 4.8 million American depositary shares at $41.75 a piece, for total proceeds to the company of $192,384,000. The deal had been priced on Friday. LDK said it will use 60% of the proceeds to fund construction of its polysilicon plant, 30% to fund the expansion of wafer production and 10% for general corporate purposes.
Unfortunate timing for the participants in the deal: LDK today rose $1.50, or 4.3%, to $36.42, after trading sharply lower in the previous two sessions. Investors who bought in at the deal price are sitting on a loss of $5.33 a share, or nearly 13%.
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