Kandi Technologies Announces Entry Into Agreement for Registered Direct Placement of Approximately $11.05 Million of Common S...
19 March 2014 - 11:05PM
Kandi Technologies Group, Inc. (the 'Company' or 'Kandi')
(Nasdaq:KNDI), today announced that it has entered into a
securities purchase agreement with two institutional investors for
a registered direct placement of approximately $11,053,440 of
common stock at a price of $18.24 per share. The Company will issue
a total of 606,000 shares to the institutional investors. As part
of the transaction, the Company will also issue to the investors
warrants for the purchase of up to 90,900 shares of common stock at
an exercise price of $22.80 per share, which warrants have a term
of 18 months from the date of issuance.
The net proceeds from this offering will be used for general
working capital purposes. The completion of the placement is
expected to occur on or about March 24th, 2014, subject to the
satisfaction of customary closing conditions.
FT Global Capital, Inc. 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 will be 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.
For further details of this transaction, please see the Form 8-K
filed with the SEC.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicles. Kandi has
established itself as the one of the world's largest manufacturer
of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is http://www.kandivehicle.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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