D. E. Shaw reports 8% Canadian Solar (CSIQ) stake across affiliated funds

Rhea-AI Filing Summary

D. E. Shaw entities report significant ownership in Canadian Solar Inc. common shares. D. E. Shaw & Co., L.P. and David E. Shaw each report beneficial ownership of 5,529,197 shares, representing 8.0% of Canadian Solar’s common shares. D. E. Shaw & Co., L.L.C. reports 5,383,050 shares, or 7.8%, and D. E. Shaw Valence Portfolios, L.L.C. reports 3,488,520 shares, or 5.1%.

The ownership consists of shares held directly by various D. E. Shaw investment vehicles and additional shares issuable upon conversion of convertible securities and upon exercise of call options. All reported voting and dispositive powers are shared, with no sole voting or dispositive power indicated for any reporting person. Percentages are calculated using adjusted outstanding share counts that include shares issuable from convertible securities.

Key Figures

D. E. Shaw & Co., L.P. beneficial ownership: 5,529,197 shares D. E. Shaw & Co., L.L.C. beneficial ownership: 5,383,050 shares D. E. Shaw Valence Portfolios beneficial ownership: 3,488,520 shares +4 more

7 metrics

D. E. Shaw & Co., L.P. beneficial ownership 5,529,197 shares Represents 8.0% of Canadian Solar common shares

D. E. Shaw & Co., L.L.C. beneficial ownership 5,383,050 shares Represents 7.8% of Canadian Solar common shares

D. E. Shaw Valence Portfolios beneficial ownership 3,488,520 shares Represents 5.1% of Canadian Solar common shares

David E. Shaw deemed beneficial ownership 5,529,197 shares Represents 8.0% of adjusted outstanding shares

Adjusted shares outstanding basis 68,987,923 shares 67,896,749 outstanding plus 1,091,174 issuable via convertible securities

Convertible-based issuable shares (Valence basis) 1,020,239 shares Shares D. E. Shaw Valence Portfolios can acquire through convertible securities

Call option-based shares 611,300 shares Shares D. E. Shaw Valence Portfolios can acquire through exercise of call options

Key Terms

beneficial owner, shared voting power, shared dispositive power, convertible securities, +1 more

5 terms

beneficial owner financial

"David E. Shaw may be deemed to be the beneficial owner of such shares."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 5,529,197.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 5,529,197.00"

convertible securities financial

"shares of common stock issuable upon conversion of convertible securities."

Convertible securities are bonds or preferred shares that can be exchanged for a company’s common stock at a predetermined price or under specified conditions. They matter because they combine the steadiness of a loan or fixed dividend with the potential upside of ownership; like a safety‑net that carries a one‑time ticket to become a shareholder, they affect expected returns and can dilute existing stock if converted.

call options financial

"shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/23/2026 - 04:05 PM Accepted by SEC EDGAR 07/23/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What percentage of Canadian Solar (CSIQ) does D. E. Shaw & Co., L.P. report owning?

D. E. Shaw & Co., L.P. reports beneficial ownership of 5,529,197 Canadian Solar shares, representing 8.0% of the company’s common shares. This percentage is based on 68,987,923 adjusted outstanding shares including those issuable upon conversion of convertible securities.

How many Canadian Solar (CSIQ) shares does David E. Shaw beneficially own according to this filing?

David E. Shaw is deemed to beneficially own 5,529,197 Canadian Solar shares, or 8.0% of the adjusted outstanding class. These shares are held through various D. E. Shaw investment entities, and he disclaims direct beneficial ownership of the reported shares.

What is the reported stake of D. E. Shaw & Co., L.L.C. in Canadian Solar (CSIQ)?

D. E. Shaw & Co., L.L.C. reports beneficial ownership of 5,383,050 Canadian Solar shares, equal to 7.8% of the company’s common shares. The position includes shares held directly and shares issuable through convertible securities and call options.

How many Canadian Solar (CSIQ) shares does D. E. Shaw Valence Portfolios, L.L.C. hold or control?

D. E. Shaw Valence Portfolios, L.L.C. reports beneficial ownership of 3,488,520 Canadian Solar shares, representing 5.1% of the class. This consists of shares held, plus additional shares issuable through convertible securities and the exercise of call options.

What share count is used to calculate D. E. Shaw’s ownership percentages in Canadian Solar (CSIQ)?

The reported ownership percentages are generally based on 68,987,923 Canadian Solar common shares outstanding, composed of 67,896,749 shares outstanding as of May 18, 2026, plus 1,091,174 shares issuable upon conversion of convertible securities, as described in the disclosure.

Does David E. Shaw have sole voting power over Canadian Solar (CSIQ) shares in this filing?

No. The filing states David E. Shaw has 0 shares with sole voting power and 5,529,197 shares with shared voting power. All reported voting and dispositive powers for the D. E. Shaw entities are shared rather than sole.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Canadian Solar Inc.

(Name of Issuer)

Common shares with no par value

(Title of Class of Securities)

136635109

(CUSIP Number)

07/16/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

D. E. Shaw & Co., L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,529,197.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,529,197.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,529,197.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The percentage figure reported is based upon 68,987,923 shares of common stock outstanding, composed of: (i) 67,896,749 shares of common stock outstanding as of May 18, 2026, as reported in the Issuer's 6-K, filed with the SEC on June 12, 2026, and (ii) 1,091,174 shares of common stock issuable upon conversion of convertible securities.

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

D. E. Shaw & Co., L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,383,050.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,383,050.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,383,050.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage figure reported is based upon 68,987,923 shares of common stock outstanding, composed of: (i) 67,896,749 shares of common stock outstanding as of May 18, 2026, as reported in the Issuer's 6-K, filed with the SEC on June 12, 2026, and (ii) 1,091,174 shares of common stock issuable upon conversion of convertible securities.

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

D. E. Shaw Valence Portfolios, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,488,520.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,488,520.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,488,520.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage figure reported is based upon 68,916,988 shares of common stock outstanding, composed of: (i) 67,896,749 shares of common stock outstanding as of May 18, 2026, as reported in the Issuer's 6-K, filed with the SEC on June 12, 2026, and (ii) 1,020,239 shares of common stock issuable upon conversion of convertible securities.

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

David E. Shaw

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,529,197.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,529,197.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,529,197.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage figure reported is based upon 68,987,923 shares of common stock outstanding, composed of: (i) 67,896,749 shares of common stock outstanding as of May 18, 2026, as reported in the Issuer's 6-K, filed with the SEC on June 12, 2026, and (ii) 1,091,174 shares of common stock issuable upon conversion of convertible securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Canadian Solar Inc.
(b)	Address of issuer's principal executive offices: 4273 King Street East, Suite 102, Kitchener, Ontario, Canada N2P 2E9
Item 2.
(a)	Name of person filing: D. E. Shaw & Co., L.P. D. E. Shaw & Co., L.L.C. D. E. Shaw Valence Portfolios, L.L.C. David E. Shaw
(b)	Address or principal business office or, if none, residence: The business address for each reporting person is: Two Manhattan West 375 Ninth Avenue, 52nd Floor New York, NY 10001
(c)	Citizenship: D. E. Shaw & Co., L.P. is a limited partnership organized under the laws of the state of Delaware. D. E. Shaw & Co., L.L.C. is a limited liability company organized under the laws of the state of Delaware. D. E. Shaw Valence Portfolios, L.L.C. is a limited liability company organized under the laws of the state of Delaware. David E. Shaw is a citizen of the United States of America.
(d)	Title of class of securities: Common shares with no par value
(e)	CUSIP No.: 136635109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: D. E. Shaw & Co., L.P.: 5,529,197 shares This is composed of (i) 1,856,981 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,239 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 611,300 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,657,779 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 165,616 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., (vi) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vii) 146,347 shares under the management of D. E. Shaw Investment Management, L.L.C. D. E. Shaw & Co., L.L.C.: 5,383,050 shares This is composed of (i) 1,856,981 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,239 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 611,300 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,657,779 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 165,616 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., (vi) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vii) 200 shares in the name of D. E. Shaw Investment Management Special Investment Fund, L.L.C. D. E. Shaw Valence Portfolios, L.L.C.: 3,488,520 shares This is composed of (i) 1,856,981 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,239 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, and (iii) 611,300 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options. David E. Shaw: 5,529,197 shares This is composed of (i) 1,856,981 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,239 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 611,300 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,657,779 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 165,616 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., (vi) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vii) 146,347 shares under the management of D. E. Shaw Investment Management, L.L.C. David E. Shaw does not own any shares directly. By virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co., Inc., which is the general partner of D. E. Shaw & Co., L.P., which in turn is the investment adviser of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Composite Portfolios, L.L.C., and D. E. Shaw Cogence Portfolios, L.L.C. and the managing member of D. E. Shaw Investment Management, L.L.C., which in turn is the investment adviser of D. E. Shaw Investment Management Special Investment Fund, L.L.C., and by virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co. II, Inc., which is the managing member of D. E. Shaw & Co., L.L.C., which in turn is the manager of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Composite Portfolios, L.L.C., D. E. Shaw Cogence Portfolios, L.L.C., and D. E. Shaw Investment Management Special Investment Fund, L.L.C., David E. Shaw may be deemed to have the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of, the 5,529,197 shares as described above constituting 8.0% of the adjusted outstanding shares, and, therefore, David E. Shaw may be deemed to be the beneficial owner of such shares. David E. Shaw disclaims beneficial ownership of such 5,529,197 shares.
(b)	Percent of class: D. E. Shaw & Co., L.P.: 8.0% D. E. Shaw & Co., L.L.C.: 7.8% D. E. Shaw Valence Portfolios, L.L.C.: 5.1% David E. Shaw: 8.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares D. E. Shaw Valence Portfolios, L.L.C.: 0 shares David E. Shaw: 0 shares
	(ii) Shared power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 5,529,197 shares D. E. Shaw & Co., L.L.C.: 5,383,050 shares D. E. Shaw Valence Portfolios, L.L.C.: 3,488,520 shares David E. Shaw: 5,529,197 shares
	(iii) Sole power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares D. E. Shaw Valence Portfolios, L.L.C.: 0 shares David E. Shaw: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 5,529,197 shares D. E. Shaw & Co., L.L.C.: 5,383,050 shares D. E. Shaw Valence Portfolios, L.L.C.: 3,488,520 shares David E. Shaw: 5,529,197 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

D. E. Shaw & Co., L.P.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Chief Compliance Officer
Date:	07/23/2026

D. E. Shaw & Co., L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	07/23/2026

D. E. Shaw Valence Portfolios, L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	07/23/2026

David E. Shaw

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Attorney-in-Fact for David E. Shaw
Date:	07/23/2026

Comments accompanying signature: Exhibit 1: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated August 1, 2024. Exhibit 2: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated August 1, 2024.

Exhibit Information

Exhibit 3: Joint Filing Agreement, by and among the Reporting Persons, dated July 23, 2026.