Attached files
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8-K - Shengkai Innovations, Inc. | v203928_8k.htm |
EX-10.4 - Shengkai Innovations, Inc. | v203928_ex10-4.htm |
EX-10.5 - Shengkai Innovations, Inc. | v203928_ex10-5.htm |
EX-10.1 - Shengkai Innovations, Inc. | v203928_ex10-1.htm |
EX-10.2 - Shengkai Innovations, Inc. | v203928_ex10-2.htm |
EX-10.3 - Shengkai Innovations, Inc. | v203928_ex10-3.htm |
Shengkai
Innovations Announces Closing of Common Stock Offering
TIANJIN,
China, November 24 -- Shengkai Innovations, Inc. (Nasdaq: VALV;
"Shengkai Innovations" or the "Company"), a leading ceramic valve manufacturer
in the People's Republic of China (the "PRC”), today announced that the Company
has closed their public offering of 2,456,800 shares of common stock at $5.50
per share, resulting in approximately $12 million in net proceeds, after
deducting the underwriting discount, commissions, and
expenses.
Global
Hunter Securities, LLC and Maxim Group LLC acted as the joint book runners for
the offering.
The
Company intends to use the net proceeds from the offering for general corporate
purposes, including expanding its products and for general working capital
purposes
The
offering was made pursuant to an effective shelf registration statement filed
with the Securities and Exchange Commission. Copies of the final prospectus
supplement and accompanying prospectus relating to the offering may be obtained
from the Securities and Exchange Commission at http://www.sec.gov, or from
Global Hunter Securities at 777 Third Avenue, New York, NY 10017, or by
calling (646) 264-5608 or Maxim Group LLC, by mail at 405 Lexington Avenue,
2nd
Floor, New York, NY 10174, Attention: Syndicate Desk or by telephone at (212)
895-3685..
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 state or
other jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any such
state or jurisdiction.
About
Shengkai Innovations, Inc.
Shengkai
Innovations is engaged in the design, manufacture and sale of ceramic valves,
high-tech ceramic materials and the provision of technical consultation and
related services. The Company's industrial valve products are used by companies
in the electric power, petrochemical, metallurgy, and environmental protection
industries as high-performance, more durable alternatives to traditional metal
valves. The Company was founded in 1994 and is headquartered in Tianjin, the
PRC.
The
Company is one of the few ceramic valve manufacturers in the world with research
and development, engineering, and production capacity for structural ceramics
and is the only valve manufacturer in China that is able to produce large-sized
ceramic valves with calibers of 6" or more. The Company's product portfolio
includes a broad range of valves that are sold throughout the PRC, to Europe,
North America, United Arab Emirates, and other countries in the Asia-Pacific
region. The Company has over 400 customers, and is the only ceramic valve
supplier qualified to supply SINOPEC. The Company also became a member of the
PetroChina supply network in 2006.
About
Global Hunter Securities
Global
Hunter Securities, LLC is a full service investment bank focusing on middle
market corporate and institutional
clients around the world. The firm provides insightful research, innovative
capital raising and
financial advisory and restructuring services supported by a sales and trading
staff with world-wide reach.
Global Hunter has offices in New York, San Francisco, Houston, Ft. Worth, New
Orleans, and Newport
Beach, as well as a strong presence and reputation in mainland China. For more
information about
Global Hunter, please visit http://www.ghsecurities.com.
About
Maxim Group LLC
Maxim
Group LLC is a full-service investment banking firm headquartered in New York.
Maxim Group provides a full array of financial services including investment
banking; private wealth management; and global institutional equity,
fixed-income and derivatives sales and trading as well as equity research. The
investment banking group focuses on middle market and emerging growth companies
within the shipping, energy, health care, technology, retail, and business and
financial services sectors. The institutional coverage of Maxim Group spans
North and South America, Europe and Asia. Maxim Group LLC is a registered as a
broker-dealer with the U.S. Securities and Exchange Commission and is a member
of the following: Financial Industry Regulatory Authority (FINRA); Municipal
Securities Rulemaking Board (MSRB); Securities Insurance Protection Corporation
(SIPC); International Securities Exchange (ISE); NASDAQ Stock Market and the
NYSE Arca, Inc. To learn more about Maxim Group, visit
www.maximgrp.com.
Safe
Harbor Statements
Under the
Private Securities Litigation Reform Act of 1995: Any statements set forth above
that are not historical facts are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially from
those in the forward-looking statements. Such factors include, but are not
limited to, the effect of political, economic, and market conditions and
geopolitical events, legislative and regulatory changes, the Company's ability
to expand and upgrade its production capacity, the actions and initiatives of
current and potential competitors, and other factors detailed from time to time
in the Company's filings with the United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking statements
attributable to the Company or to persons acting on its behalf are expressly
qualified in their entirety by these factors other than as required under the
securities laws. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
For more
information, please contact:
Shengkai
Innovations, Inc.
David
Ming He
Chief
Financial Officer
Phone:
+86-22-5883-8509
Email:
ir@shengkai.com
Web: http://www.shengkaiinnovations.com