Attached files
| file | filename |
|---|---|
| 8-K - Kandi Technologies Group, Inc. | v206029_8k.htm |
| EX-4.1 - Kandi Technologies Group, Inc. | v206029_ex4-1.htm |
| EX-10.1 - Kandi Technologies Group, Inc. | v206029_ex10-1.htm |
Kandi
Technologies Announces Registered Direct Placement of Approximately $16.6
Million of Common Stock
JINHUA,
CHINA—
December 21, 2010 - Kandi Technologies, Corp.
(NASDAQ:KNDI) ("Kandi"
or the "Company"), a leading Chinese exporter of all terrain recreational
vehicles, developer of the "CoCo" all electric LSV, and a leader in Electric
Vehicle (EV) development in China today announced that it has entered into a
securities purchase agreement with institutional investors for a registered
direct placement of approximately $16.6 million of common stock at a price of
$5.50 per share. The Company will issue a total of 3,027,272 shares to the
institutional investors. In addition, the Company will issue to the
investors warrants to purchase up to 1,210,912 shares of common stock, which, if
fully exercised, would provide an additional $7.6 million in gross proceeds to
the Company. The 3-year warrants have an exercise price of $6.30 per share and
are exercisable immediately following the closing date.
These
securities are being offered through a prospectus supplement pursuant to the
Company’s effective shelf registration statement and base prospectus contained
therein.
The net
proceeds from this offering will be used for general working capital purposes.
The completion of the placement will occur on or about December 23,
2010.
FT Global
Capital, Inc. acted as the exclusive placement agent for the
transaction.
A shelf
registration statement relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission. A prospectus
supplement related to the offering will be filed with the Securities and
Exchange Commission. 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.
About
Kandi Technologies, Corp.
Kandi
Technologies, Corp. (NASDAQ:KNDI - News) ranks as one of the largest
manufacturers and exporters of go-karts in China, making it a world leader in
the production of this popular recreational vehicle. It also ranks among the
leading manufacturers in China of all terrain vehicles (ATVs), and specialized
utility vehicles (UTVs), especially for agricultural purposes. Recently, it
introduced a second generation high mileage, two seater three-wheeled
motorcycle. A major company focus also has been on the manufacture and sales of
highly economical, beautifully designed, all electric super mini cars for
neighborhood driving and commuting. Available in the U.S., convertible and
hardtop models of the CoCo travel up to 60 miles at speeds reaching 25mph on a
six hour charge. In China, the government recently approved the sale there of
Kandi EVs. These include the lithium ion powered KD5011, which is eligible for
national subsidies of up to RMB 60,000 per vehicle in all EV “pilot” cities
throughout China. Also, the KD5010, now being sold in Jinhua City, where the
city's first "Battery Charging Farm" and "Express Change" battery station has
opened. This and planned additional "Express Change" battery stations are
operated by a pioneering three partner joint venture in which Kandi holds a 30%
interest with China's leading battery maker, Tianneng Power International, Ltd.,
and Jinhua Bada Group, a subsidiary of State Grid Power Corporation, China's
largest power company. Participation in China's first Electric Vehicle (EV)
battery replacement services company will mean the development of two revenue
streams for Kandi -- one from the sale of its battery-powered vehicles and the
other from a share of the battery rental, replacement, charging and recycling
fees generated by the new joint venture. Kandi believes that battery powered,
electric super minis and related services will become the Company's largest
revenue and profit generator. The Company's products can be viewed at
http://www.kandivehicle.com. Its corporate/ir website is
http://www.chinakandi.com.
Contacts:
Kandi
Technologies, Corp.
Xiaoming
Hu
Chairman
and CEO
86-579-82239856
Cathy
Cao
Executive
Vice President of Finance
Cathy_kndi@yahoo.com
Tel:
212-551-3610
IR
Firm:
Ken
Donenfeld
donfgroup@gmail.com
kdonenfeld@dgiir.com
Tel:
212-425-5700
Fax-
646-381-9727