Enfield solar firm STR Holdings will buy back $24.1 million in its investor’s shares in the company, less than the $30 million originally planned in the offering
STR had told shareholders it would buy up to $30 million in stock back through a special Dutch auction where investors offered up their shares to the company at a certain price. At the close of the offering on Monday, shareholders offered up 15.7 million shares at $1.54 per share
The deal represents 37.4 percent of the company’s common stock.
Among those participating in the stock offering were former longtime CEO and current chairman Dennis Jilot. STR did not immediately disclose how much stock Jilot ended up selling in the buyback.
On Tuesday afternoon, STR stock was trading at $1.62 per share.
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