JINHUA, China, July 1, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Electric Vehicle (EV) company in China, today announced that it has closed the registered direct placement with two institutional investors and raised approximately $26.3 million from selling its common stock shares at a price of $6.03 per share. The Company issued a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company also issued 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.
The gross proceeds from this offering is $26,387,500, after deducting offering expenses, the net proceeds will be used for general working capital purposes.
FT Global Capital acted as the exclusive placement agent for the transaction.These securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement and base prospectus contained therein. A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A prospectus supplement related to the offering has been filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.