Pryor Cashman Supports Kandi Technologies Group, Inc. Closing a Registered Direct Placement of $60 Million of Common Stock and Warrants
Pryor Cashman client Kandi Technologies Group, Inc. recently announced the closing of a registered direct offering. According to its press release:
Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ GS: KNDI), today announced that it closed a registered direct offering of 9,404,392 units (the “Units”) of its securities at a purchase price per Unit of $6.38, generating aggregate gross proceeds to the Company of approximately $60,000,000, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. Each Unit consisted of one share of our common stock, and 0.4 warrants to purchase a share of our common stock. The warrants have an exercise price of $8.18 per share and a term of 30 months, but are not exercisable for the first six months following issuance. The Company issued a total of 9,404,392 shares of common stock and warrants for the purchase of up to 3,761,757 shares of common stock to the investors in the placement.
The net proceeds from this offering will be used for general working capital purposes.
Partner Elizabeth Fei Chen, chair of the China Group, led the transaction. Corporate Group partners Eric M. Hellige, M. Ali Panjwani, and Michael T. Campoli assisted with the transaction.
