JINHUA, China, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the two institutional investors (the "Investors") to whom the Company issued Series A, B and C Warrants (the "Warrants") in connection with a direct registered offering in June, 2013, have exercised all their outstanding Warrants. All of the Series A and C Warrants were exercised on January 15, 2014, resulting in the issuance to the Investors of an aggregate of: (i) 1,750,415 shares of Common Stock pursuant to the exercise of the Series A Warrants at an exercise price per share of $7.24, and (ii) 291,574 shares of Common Stock pursuant to the exercise of the Series C Warrants at an exercise price per share of $8.69. Previously on January 3, 2014, and, January 6, 2014 all of the Series B Warrants were exercised by the Investors, which resulted in the issuance of an aggregate of 728,936 shares of Common Stock at an exercise price per share of $7.24. As a consequence of the exercise of all of the Series A, B and C Warrants by the Investors, the Company received aggregate cash proceeds of $20,484,279. FT Global Capital, Inc. acted as the solicitation agent for the exercise of the Series A, B and C Warrants.
Following the warrant exercises described above, on January 15, 2014, the Company sold to the Investors warrants to purchase an aggregate of 1,429,393 shares of the Company's common stock, par value $0.001 per share ("Common Stock") at an exercise price equal to $15 (the "Private Warrants") for a total purchase price paid by the Investors to the Company of approximately $14,293. If the Private Warrants are fully exercised on a cash basis, the Company could receive gross proceeds of approximately $21,440,895. Neither the Private Warrants nor the underlying shares of Common Stock issuable upon the exercise of the Private Warrants have been registered under the Securities Act and neither may be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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.