Kandi Technologies Group Inc Announces Closing Of Registered Direct Placement For Approximately $26.3 Million Of Common Stock And Warrants

Kandi Technologies Group Inc (the Company or Kandi) announced that it has closed the registered direct placement with two institutional investors and raised approximately $26.3 million from selling its common stock shares at a price of $6.03 per share. The Company issued a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company also issued to the investors Series A Warrants for the purchase of up to 1,750,415 shares of common stock at an exercise price of $7.24 per share, which warrants have a term of 30 months from the date of issuance. In addition, the investors will have a 60-day option to purchase up to 728,936 shares of common stock at $7.24 per share, starting six months from the closing date on the same terms as the original investment. The gross proceeds from this offering is $26,387,500, after deducting offering expenses, the net proceeds will be used for general working capital purposes. FT Global Capital acted as the exclusive placement agent for the transaction.