FT Global Capital assists with deal, which includes 18-month warrants
By Marisa Wong
Madison, Wis., March 19 - Kandi Technologies Group, Inc. will conduct an $11.05 million registered direct placement of common stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 606,000 common shares at $18.24 per share. The price per share is a 13.8% discount to the March 18 closing share price of $21.16.
Investors will also receive warrants for up to 90,900 common shares. The warrants are exercisable at $22.80 for 18 months. The strike price reflects a 7.75% premium to the March 18 closing share price.
FT Global Capital, Inc. is the agent.
Settlement is expected on March 24.
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: | $11,053,440
|
| Shares: | 606,000
|
| Price: | $18.24
|
| Warrants: | For up to 90,900 shares
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $22.80
|
| Agent: | FT Global Capital, Inc.
|
| Pricing date: | March 19
|
| Settlement date: | March 24
|
| Stock symbol: | Nasdaq: KNDI
|
| Stock price: | $21.16 at close March 18
|
| Market capitalization: | $776.91 million
|
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