Key Developments For China-Biotics, Inc.
China-Biotics, Inc. (CHBT.O) (Consolidated Issue listed on NASDAQ Global Market)
China-Biotics Inc. Reaffirms FY 2009 Revenue Guidance
China-Biotics Inc. reaffirmed its fiscal 2009 revenue guidance and expects to achieve growth of at least 50%. According to Reuters Estimates, analysts were expecting the Company to report revenue of $80 million for fiscal 2009.
China-Biotics Inc. Announces Closing of Underwriters' Over-Allotment Option
China-Biotics Inc. announced that the underwriters of its public offering of 4,600,000 shares of common stock have exercised their over-allotment option and purchased an additional 690,000 shares of Company common stock, at a public offering price of $15.00 per share. China-Biotics expects net proceeds from the offering, including the exercise of the over-allotment option, after deducting underwriting discounts and estimated offering expenses to be approximately $9.8 million. The Company expects to use the net proceeds from the offering for general corporate purposes, including expanding its retail operations, expanding its products, acquiring additional retail outlets and for general working capital purposes. Roth Capital Partners, LLC, acted as the sole manager of the offering.
China-Biotics Inc. Announces Chief Financial Officer Change
China-Biotics Inc. announced that Lewis Fan has resigned as Chief Financial Officer in order to pursue other professional interests. Mr. Fan had no disagreements with the Company in regard to its financial statements or accounting matters. His resignation was effective October 21, 2009. The Company is currently searching for qualified candidates to replace Mr. Fan. Ms. Eva Yan, Chief Administration Officer and a director of Shanghai Shining Biotechnology Co. Ltd., a subsidiary of China-Biotics ("Shining"), will serve as interim Chief Financial Officer until a successor is named.
China-Biotics Inc. Announces Closing Of Public Offering Of Common Stock
China-Biotics Inc. announced the closing of its previously announced underwritten public offering. The Company sold 4,600,000 shares of its common stock at $15.00 per share in its public offering, resulting in approximately $65.5 million in net proceeds, after deducting underwriting discounts and commission, but excluding estimated offering expenses. China-Biotics anticipates using the net proceeds from the offering for general corporate purposes, including expanding its retail operations, expanding its products, acquiring additional retail outlets and for general working capital purposes. Roth Capital Partners, LLC, acted as the sole manager of the offering.
China-Biotics Inc. Announces Prices $69 Million Public Offering of Common Stock
China-Biotics Inc. announced that it has priced a public offering of 4,600,000 shares of its common stock at $15.00 per share. The shares are being sold under the Company's previously filed shelf registration statement, which was declared effective by the Securities and Exchange Commission on September 9, 2009. The Company expects that the offering will yield net proceeds, before expenses, of approximately $65,550,000 million and intends to use the net proceeds from the sale of the securities for general corporate purposes, including expanding its retail operations, expanding its products, acquiring additional retail outlets and for general working capital purposes. Roth Capital Partners, LLC, acted as the sole manager of the offering. In connection with the offering the Company also granted the underwriters a 30 day option to purchase up to an additional 690,000 shares to cover over allotments, if any. The offering is expected to close on or about October 5, 2009.
