FT Global Capital assists in raising funds for general working capital
By Devika Patel
Knoxville, Tenn., Dec. 21 - Kandi Technologies, Corp. said it will conduct a registered direct offering of shares. It plans to raise $16.65 million.
The company will sell 3,027,272 common shares at $5.50 per share. The price per share represents a 17.91% discount to the Dec. 20 closing share price of $6.70.
Investors also will receive warrants for 1,210,912 common shares. The warrants are exercisable at $6.30 for three years. The strike price reflects a 5.97% discount to the Dec. 20 closing share price.
FT Global Capital, Inc. is the agent.
Settlement is expected Dec. 23.
Proceeds will be used for general working capital purposes.
Based in Jinhua, China, Kandi is an exporter of recreational vehicles.
| Issuer: | Kandi Technologies, Corp.
|
| Issue: | Common shares
|
| Amount: | $16,649,996
|
| Shares: | 3,027,272
|
| Price: | $5.50
|
| Warrants: | For 1,210,912 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $6.30
|
| Agent: | FT Global Capital, Inc.
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 23
|
| Stock symbol: | Nasdaq: KNDI
|
| Stock price: | $6.70 at close Dec. 20
|
| Market capitalization: | $132.95 million
|
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