By Sheri Kasprzak
New York, Oct. 25 - Asian Financial, Inc. is gearing up to settle a $23,519,237 private placement of shares with a group of institutional investors.
The deal includes 16,447,019 shares at $1.43 each and is expected to close Nov. 17.
Roth Capital Partners, LLC is the placement agent.
If the company's audited working capital as of June 30, 2006 does not reach $3.5 million, Asian Financial will issue the investors additional shares at no additional cost. Also, if the company's financial performance does not reach certain benchmarks, the company will issue up to 112.5% of the shares issued in the placement to the investors.
Soon after the placement closes, Asian Financial plans to change its name to Duoyuan Digital Printing Holdings Co. and effect a reverse stock split.
Asian Financial, based in Beijing, is an offset printing equipment provider.
| Issuer: | Asian Financial, Inc.
|
| Issue: | Stock
|
| Amount: | $23,519,237
|
| Shares: | 16,447,019
|
| Price: | $1.43
|
| Warrants: | No
|
| Placement agent: | Roth Capital Partners, LLC
|
| Announcement date: | Oct. 25
|
| Settlement date: | Nov. 17
|
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