TIANJIN, China, Dec. 22, 2010 (GLOBE NEWSWIRE) -- Shengkai Innovations, Inc. (Nasdaq:VALV) ("Shengkai Innovations" or the "Company"), a leading ceramic valve manufacturer in the People's Republic of China (the "PRC"), today announced that the Company has closed its public offering of 1,058,646 shares of common stock at $5.50 per share, resulting in approximately $5.3 million in net proceeds, after deducting the underwriting discount, commissions, and expenses.
Global Hunter Securities, LLC and Maxim Group LLC acted as the joint book runners for the offering.
The Company intends to use the net proceeds from the offering for general corporate purposes, including expanding its products, and for general working capital purposes.The offering was made pursuant to effective shelf registration statements filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from the Securities and Exchange Commission at http://www.sec.gov, or from Global Hunter Securities at 777 Third Avenue, New York, NY 10017, or by calling (646) 264-5608 or Maxim Group LLC, by mail at 405 Lexington Avenue, 2nd Floor, New York, NY 10174, Attention: Syndicate Desk or by telephone at (212) 895-3685. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About Shengkai Innovations, Inc. Shengkai Innovations is engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company's industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves. The Company was founded in 1994 and is headquartered in Tianjin, the PRC.