Canadian Solar shares plunge on offering

Canadian Solar plans to sell up to $50 million shares of its common stock

Associated Press

NEW YORK (AP) -- Shares of Canadian Solar, which have been slumping all month, tumbled more than 8 percent Thursday after the company announced a $50 million share offering.

All solar shares were in decline, but in the past week, Canadian Solar has suffered three times the decline of second largest decliner.

The company said that it plans to use the net proceeds for general corporate purposes, such project development expenses and working capital.

Shares of Canadian Solar Inc. fell $1.12, or 8.8 percent, to $10.88 in Thursday afternoon trading.

Shares have fallen 22 percent over the past month, but they're still up more than 300 percent over the past year.

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