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.
Kandi Technologies Announces The Closing Of Registered Direct Placement For Approximately $26.3 Million Of Common Stock And Warrants
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