Kandi Technologies Announces the Closing of a Registered Direct Placement of $60 Million of Common Stock and Warrants
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2020-11-12
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JINHUA, China, November 12, 2020 -- 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.  


FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.


Pryor Cashman LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the Placement Agent in connection with the placement.


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.