Attached files
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8-K - CHINA AGRITECH INC | v182567_8k.htm |
EX-5.1 - CHINA AGRITECH INC | v182567_ex5-1.htm |
EX-1.1 - CHINA AGRITECH INC | v182567_ex1-1.htm |
EX-99.3 - CHINA AGRITECH INC | v182567_ex99-3.htm |
EX-99.1 - CHINA AGRITECH INC | v182567_ex99-1.htm |
China
Agritech Announces Pricing of $20 Million Public Offering of Common
Stock
BEIJING, CHINA — April 28, 2010 — China Agritech, Inc., (NASDAQ:
CAGC) (“China Agritech” or the “Company”), a leading organic compound
fertilizer manufacturer and distributor in China, today announced the pricing of
a public offering of 1,243,000 shares of its common stock at a price of $16.10
per share. The Company has granted the underwriters a 45-day option
to purchase up to an additional 186,450 shares to cover over-allotments, if
any. The offering is expected to close on May 4, 2010, subject
to customary closing conditions.
The
Company will receive aggregate net proceeds of approximately $18.3 million after
deducting underwriting discounts and commissions and estimated offering expenses
payable by the Company, not including the over-allotment option. The Company
expects to use the net proceeds from this offering to establish branded
large-scale distribution centers and the remainder of the net proceeds, if any,
for working capital and general corporate purposes. These centers
will enable the Company to sell its organic fertilizers and third party sourced
products, including seeds, pesticides, and other agricultural products to
franchised retail stores initially anticipated to be owned and operated by the
current distributors of the Company’s products.
Rodman
& Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.
(Nasdaq: RODM), is acting as sole book running manager for the
offering.
The
shares are being sold under the Company’s existing shelf registration statement
on form S-3 (File No. 333-164810) which was declared effective by the Securities
and Exchange Commission (the “SEC”) on February 25, 2010. Any offer of the
shares will be made exclusively by means of a base prospectus, and a prospectus
supplement filed with the SEC. When available, the base prospectus and final
prospectus supplement relating to the offering may be obtained by visiting EDGAR
on the SEC Website at www.sec.gov or upon
request from Rodman & Renshaw, LLC, 1251 Avenue of the Americas, New York,
NY 10020, 212-430-1710 or email: info@rodm.com.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy any of the securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About
China Agritech, Inc.
China
Agritech, Inc. is engaged in the development, manufacture and distribution of
liquid and granular organic compound fertilizers and related products in China.
The Company has developed proprietary formulas that provide a continuous supply
of high-quality agricultural products while maintaining soil fertility. The
Company sells its products to farmers located in 28 provinces of
China.
Safe
Harbor Statement
This
press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical facts, that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, including, without
limitation, statements about its business or growth strategy, general industry
conditions, future operating results of the Company, capital expenditures,
expansion and growth opportunities, financing activities and other such matters,
are forward-looking statements. Although the Company believes that its
expectations stated in this press release are based on reasonable assumptions,
actual results may differ from those projected in the forward-looking
statements.
For more
information, please contact:
In
China:
Mr.
Gareth Tang
Chief
Financial Officer
China
Agritech, Inc.
Email:
gareth@chinaagritech.com
In the
U.S.:
Mr. Kevin
Theiss
Investor
Relations
Grayling
Tel: +1-646-284-9409
Email:
kevin.theiss@grayling.com