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


Monday, 1 Jul 2013 05:35pm EDT 

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. 

Company Quote

14.74
0.23 +1.59%
3:37pm EDT