FT Global Capital assists with deal, which includes 30-month warrants
By Devika Patel
Knoxville, Tenn., June 26 - Kandi Technologies Group, Inc. will conduct a $26.39 million registered direct placement of shares, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 4,376,036 common shares at $6.03 per share. The price per share is a 9.6% discount to the June 25 closing share price of $6.67.
Investors also will receive warrants for 1,750,415 common shares. The warrants are exercisable at $7.24 for 30 months. The strike price reflects a 31.76% premium to the June 25 closing share price.
FT Global Capital, Inc. is the agent.
Settlement is expected July 1.
Proceeds will be used for general working capital purposes.
The Jinhua, China, company manufactures small vehicles including all-terrain vehicles, golf carts, motor cycles, motor scooters and go-karts.
| Issuer: | Kandi Technologies Group, Inc.
|
| Issue: | Common shares
|
| Amount: | $26,387,497
|
| Shares: | 4,376,036
|
| Price: | $6.03
|
| Warrants: | For 1,750,415 shares
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $7.24
|
| Agents: | FT Global Capital, Inc.
|
| Pricing date: | June 26
|
| Settlement date: | July 1
|
| Stock symbol: | Nasdaq: KNDI
|
| Stock price: | $6.67 at close June 25
|
| Market capitalization: | $199.73 million
|
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