Benzinga | May 27, 2021 11:25AM EDT

Canadian Solar Seeks To Raise $150M Via Secondary ATM Equity Offering

* Canadian Solar Inc (NASDAQ:CSIQ) filed an SEC prospectus to sell up to $150 million shares under an at-the-market (ATM) equity offering program.

* The ATM offering proceeds will be used to execute its long-term strategic growth plans, including investing in its battery storage business and growing its storage pipeline.

* A portion of the proceeds might be utilized to fund strategic acquisitions, including investments to strengthen its solar power project portfolio.

* Canadian Solar held $981.2 million in cash and equivalents as of March 31, 2021.

* Price action: CSIQ shares traded lower by 1.7% at $40.31 on the last check Thursday.