LDK Hurts Current Shareholders By Selling 25 Million New Shares
Needing capital after watching their stock drop 40 percent since January 9 of this year, LDK Solar (LDK :NYSE) announced today that they have sold 25 million newly issued ordinary shares to Fulai Investments. The sale netted the photovoltaic manufacturer $25.75 million.
Current shareholders won’t be happy with the sale as the stock closed yesterday at $1.40. Nor can they be confident in the future of the beleaguered solar manufacturer who has yet to show signs of a rebound, unlike many of its peers.
Shares of LDK were down 5.71 percent in late day trading.