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United States : KANDI TECH. announced that it entered into a securities purchase agreement for $71 million of common stock

September 1, 2014

Kandi Technologies Group, Inc. announced that it entered into a securities purchase agreement with institutional investors for a registered direct placement of $71 million of common stock for $17.20 per share.

The Company issued a total of 4,127,908 shares of common stock to the institutional investors.

The Company will also issue to the investors warrants for the purchase of up to 743,024 shares of common stock at the price of $21.50 per share, which Warrants will have a term of 17 months from the date of issuance. Any investor that invests more than $30 million in the initial offering of shares and Warrants will have an option to purchase its pro rata share of up to $30 million of additional shares after the initial closing date, ending on November 17, 2014.

Investors exercising such option will receive Warrants for the purchase of an aggregate of up to 313,954 shares of our common stock. Assuming that the investors exercise all of their options, the total gross proceeds of the offering would be $101 million.

The net proceeds will be used for general working corporate purposes. The completion of the placement is expected to occur on or about September 4, 2014, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.

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Source: TendersInfo (India)

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