Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of solar manufacturer ReneSola (NYSE:SOL) plunged 20% today after announcing the pricing details of its registered stock offering.

So what: Management priced its direct offering of approximately $70 million in American Depositary Shares (ADS) -- each representing two shares of the company -- at a price of $4.67 per ADS, which is about 15% below yesterday's close of $5.49. Given that wide of a discount, as well as the size of the offering, investors are obviously concerned about the sale's dilutive potential.   

Now what: The offering, which will also give investors 35% warrant coverage, with an initial exercise price of $6.04 per ADS, is expected to close on September 16. But, while some of the short-term financing risk has been lifted, the below-market sale serves as yet another reminder of ReneSola's precarious financial position. When you couple the company's ongoing losses with its still-hefty debt load, the stock is probably best left to more speculative types to play with.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.