Kandi Technologies Announces Exercise of All Series A, B & C Warrants Resulting in $20,484,279 of Addition New Capital
January 16 2014 - 9:25AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that the two institutional investors
(the "Investors") to whom the Company issued Series A, B and C
Warrants (the "Warrants") in connection with a direct registered
offering in June, 2013, have exercised all their
outstanding Warrants. All of the Series A and C Warrants
were exercised on January 15, 2014, resulting in the issuance to
the Investors of an aggregate of: (i) 1,750,415 shares of Common
Stock pursuant to the exercise of the Series A Warrants at an
exercise price per share of $7.24, and (ii) 291,574 shares of
Common Stock pursuant to the exercise of the Series C Warrants at
an exercise price per share of $8.69. Previously on January 3,
2014, and, January 6, 2014 all of the Series B Warrants were
exercised by the Investors, which resulted in the issuance of an
aggregate of 728,936 shares of Common Stock at an exercise price
per share of $7.24. As a consequence of the exercise of all of
the Series A, B and C Warrants by the Investors, the Company
received aggregate cash proceeds of $20,484,279. FT
Global Capital, Inc. acted as the solicitation agent for the
exercise of the Series A, B and C Warrants.
Following the warrant exercises described above, on January 15,
2014, the Company sold to the Investors warrants to purchase an
aggregate of 1,429,393 shares of the Company's
common stock, par value $0.001 per share ("Common Stock") at an
exercise price equal to $15 (the "Private
Warrants") for a total purchase price paid by the Investors to the
Company of approximately $14,293. If the Private
Warrants are fully exercised on a cash basis, the Company could
receive gross proceeds of approximately
$21,440,895. Neither the Private Warrants nor the
underlying shares of Common Stock issuable upon the exercise of the
Private Warrants have been registered under the Securities Act and
neither may be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
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.
For further details, please see the Form 8-K filed with the SEC.
The form of the Private Warrants will be filed as an exhibit to a
Current Report on Form 8-K expected to be filed by the Company with
the SEC today.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicles. Kandi has
established itself as the one of the world's largest manufacturer
of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is http://www.kandivehicle.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Email: IR@kandigroup.com
Phone: 1-212-551-3610
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