LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, announced that it has entered into a share purchase agreement dated April 25, 2013 with Fulai Investments Limited, which has agreed to purchase additional 25,000,000 newly issued ordinary shares of LDK Solar, at a purchase price of US$1.03 per share with an aggregate purchase price of US$25,750,000, subject to the terms and conditions of the share purchase agreement, including a lock-up for 180 days from the closing date of the contemplated transactions. The share purchase price reflects an 8% discount to the 5-day average share price.
Pursuant to the share purchase agreement, the parties will endeavor to fulfill the closing conditions to consummate the transactions prior to June 28, 2013. Fulai Investments has agreed to pay LDK Solar in two installments prior to the closing: the first in May for US$15,000,000 and the second in June for US$10,750,000. Fulai Investments also has the right to designate two non-executive directors to the LDK Solar board upon consummation of the transaction. The net proceeds will be used for general corporate purposes in LDK Solar's operations.