Solar Losers: GT Solar, Jinko Solar
(GT Solar secondary story corrected for controlling shareholder information)
NEW YORK (TheStreet) -- GT Solar (SOLR) announced on Friday morning that controlling shareholders had completed a secondary offering of 11 million shares priced at $7.39. The deal was completed on Thursday, as was a decline in share price.
GT Solar shares ended Thursday down 3% to the price of $7.39, at which the secondary was priced. Shares of the solar company slumped near 16% this week after the secondary filing was first made on Tuesday.
For GT Solar, the larger secondary offering overhang on its stock isn't done yet, though it's not a new issue of common shares from the company that always leads to share dilution.Two venture capital investors hold a stake of roughly 77 million GT Solar shares. Back in March, the GT Solar financial backers unloaded 25 million shares of the solar equipment maker when they held more than 100 million shares, which led to a 7% decline in GT Solar shares.
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