Orlando, FL -- (SBWIRE) -- 09/27/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On ReneSola Ltd. (ADR) (NYSE:SOL), Galena Biopharma Inc (NASDAQ:GALE).
ReneSola Ltd. (ADR) (NYSE:SOL) shares gained 2.30% to $4.45. The company on Sept. 17 announced that it has closed its previously announced $70 million securities offering. The net proceeds received by the Company are intended to be used for polysilicon production optimization and as working capital for general corporate purposes. The securities were offered by ReneSola pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC").
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Galena Biopharma Inc (NASDAQ:GALE) shares increased 7.22% to $2.08. The company on Sept. 23 announced the closing of the exercise in full of the underwriters' option to purchase an additional 2,625,000 shares of common stock of Galena. As previously announced, as part of the firm’s commitment underwritten offering that was closed on September 18, 2013, Galena granted the underwriters a 30-day option to purchase up to 2,625,000 shares of common stock and/or warrants to purchase up to 918,750 shares of common stock.
The underwriters have exercised their over-allotment option in full to include the purchase of additional shares in addition to the previously announced exercise of the warrants over-allotment option. The additional gross proceeds to Galena as a result of the exercise of the option with respect to the shares are approximately $5.2 million. The net proceeds to Galena from the offering are expected to be approximately $37.6 million.
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