JINHUA, China, June 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the 'Company' or 'Kandi'), a leading Electric Vehicle (EV) company in China, today announced that it has entered into a securities purchase agreement with two institutional investors for a registered direct placement of approximately $26.3 million of common stock at a price of $6.03 per share. The Company will issue a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company will also issue to the investors Series A Warrants for the purchase of up to 1,750,415 shares of common stock at an exercise price of $7.24 per share, which warrants have a term of 30 months from the date of issuance. In addition, the investors will have a 60-day option to purchase up to 728,936 shares of common stock at $7.24 per share, starting six months from the closing date on the same terms as the original investment.
Kandi Technologies Announces Entry Into Agreement For Registered Direct Placement Of Approximately $26.3 Million Of Common Stock And Warrants
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.