HARBIN, China ( TheStreet) -- Harbin Electric ( HRBN) reached a deal to be acquired for $24 a share by a group led by the company's CEO. Harbin shares were rising 61%, or $5.11, to $13.50 in premarket trading Monday. Harbin is being bought and taken private by Tech Full Electric, a Cayman Islands company which is owned indirectly by Tianfu Yang, Harbin's chairman and CEO. Last Thursday, Harbin Electric's shares lost more than half their value after Citron Research again questioned whether a buyout offer from the CEO would come to pass. Citron last week called the offer a "sham" and said it was time for the Securities and Exchange Commission to halt the trading of the stock. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Harbin Electric (Nasdaq:HRBN) hit a new 52-week high Monday as it is currently trading at $23.62, above its previous 52-week high of $23.20 with 539,265 shares traded as of 9:55 a.m. ET. Average volume has been 1.7 million shares over the past 30 days.