By Devika Patel
Knoxville, Tenn., Jan. 21 - Kandi Technologies, Corp. said it settled a $10 million private placement of two-year 6% senior convertible notes.
The notes are initially convertible at $6.25 per common share. Kandi may redeem the notes at 125% of par plus accrued interest after six months.
The investors also received 800,000 three-year warrants, which are each exercisable at $6.5625 per common share.
FT Global Capital, Inc. was the lead placement agent, and Brean, Murray, Carret & Co. was the co-placement agent.
Based in Jinhua, China, Kandi is an exporter of recreational vehicles.
| Issuer: | Kandi Technologies, Corp.
|
| Issue: | Senior convertible notes
|
| Amount: | $10 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $6.25
|
| Call option: | At 125
|
| Warrants: | 800,000
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $6.5625
|
| Agents: | FT Global Capital, Inc. (lead) and Brean, Murray, Carret & Co. (co-placement agent)
|
| Settlement date: | Jan. 21
|
| Stock symbol: | Nasdaq: KNDI
|
| Stock price: | $5.67 at close Jan. 20
|
| Market capitalization: | $101 million
|
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