SORL Auto Parts Announces Exercise of Over-allotment Option by Underwriter
14 December 2006 - 4:00AM
PR Newswire (US)
ZHEJIANG, China, Dec. 13 /Xinhua-PRNewswire/ -- SORL Auto Parts,
Inc. (NASDAQ:SORL), a leading manufacturer and distributor of
commercial vehicle air brake valves as well as other auto parts in
China, today announced that Maxim Group LLC, the lead underwriter
of its recent follow-on offering, has exercised the over-allotment
option in full to purchase an additional 642,857 shares of common
stock. Upon the deduction of underwriter's discount and related
expenses, the amount of approximately $4.3 million constituting
payment was received by the Company. With the exercise of the
underwriter's option, the aggregate net proceeds to SORL of its
offering were approximately US$32.7 million. Maxim Group LLC acted
as the sole book runner and Chardan Capital Markets, LLC acted as a
co-manager of the offering. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. About SORL Auto Parts, Inc. As China's leading
manufacturer and distributor of automotive air brake valves, SORL
Auto Parts, Inc. ranks first in market share in the segment for
commercial vehicles weighing more than three tons, such as trucks
and buses. The Company distributes products both within China and
internationally under the SORL trademark. SORL ranks among the top
100 auto component suppliers in China, with a product range that
includes 40 types of air brake valves and over 800 different
specifications. The Company has three authorized international
sales centers in Australia, United Arab Emirates, and the United
States, with additional offices slated to open in other locations
in the near future. For more information, please visit
http://www.sorl.cn/ Safe Harbor Statement Statements made in this
press release that are not historical fact are "forward-looking
statements," which are based on current expectations that include a
number of risks and uncertainties. Additional factors that could
potentially affect the Company's financial results may be found on
the Company's filings with the Securities and Exchange Commission
(http://www.sec.gov/). DATASOURCE: SORL Auto Parts, Inc. CONTACT:
David Ming He, SORL Auto Parts, Inc., +86-577-6581-7720, ; or
Christopher Chu, The Global Consulting Group, +1-646-284-9426, Web
site: http://www.sorl.cn/
Copyright
SORL Auto Parts (NASDAQ:SORL)
Historical Stock Chart
From Jun 2024 to Jul 2024
SORL Auto Parts (NASDAQ:SORL)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about SORL Auto Parts Inc (NASDAQ): 0 recent articles
More Sorl Auto Parts (MM) News Articles