Stock Alert: First Solar Tumbles 11% After Pricing Secondary Offering

(RTTNews) - Shares of First Solar Inc. (FSLR), a provider of photovoltaic or PV solar energy solutions, are falling more than 11 percent or $8.22 in Thursday's morning trade at $63.74.

Thursday, First Solar said it has priced its previously announced registered secondary offering of 8.649 million shares, or about 8.2 percent, of the company's outstanding common stock, at a price to the public of $69.00 per share.

All of the shares sold in the offering will be sold by Lukas Walton. The company said it is not selling any shares and will not receive any proceeds from the sale of the shares being offered by Walton. Morgan Stanley is acting as the sole underwriter for the offering.

First Solar has traded in a range of $28.47 to $81.87 in the past 52 weeks.