Daqo New Energy's subsidiary Xinjiang Daqo Receives Approval from the CSRC for Its Planned Private Offering in China's A-Share Market
SHANGHAI, June 9, 2022 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that its subsidiary, Xinjiang Daqo New Energy (“Xinjiang Daqo”), has received approval from the China Securities Regulatory Commission (the “CSRC”) for its planned private offering in China’s A-share market.
Xinjiang Daqo intends to raise up to RMB11 billion from this private offering, including approximately RMB8 billion of the gross proceeds to be used for its 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia, China, and the rest of the proceeds for its working capital purposes. This transaction is subject to market conditions. The approval from the China Securities Regulatory Commission is valid until May 29, 2023.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world’s lowest-cost producers of high-purity polysilicon.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
In the U.S.
Ms. Linda Bergkamp
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, Xinjiang Daqo’s private offering and project expansion plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to lower its production costs; changes in the political and regulatory environment; and the duration of COVID-19 outbreaks in China
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SOURCE Daqo New Energy Corp.
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