Current Report — Form 8-K Filing Table of Contents
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1: 8-K Current Report HTML 27K
2: EX-10.1 Material Contract HTML 292K
3: EX-10.2 Material Contract HTML 241K
4: EX-10.3 Material Contract HTML 137K
5: EX-10.4 Material Contract HTML 183K
6: EX-10.5 Material Contract HTML 117K
7: EX-10.6 Material Contract HTML 34K
8: EX-10.7 Material Contract HTML 51K
9: EX-99.1 Miscellaneous Exhibit HTML 17K
Kandi
Technologies, Corp. Completes $10 Million Institutional Private
Placement
JINHUA, CHINA—January 21, 2010
- Kandi Technologies, Corp.
(NASDAQ:KNDI) a leading Chinese exporter of recreational vehicles and
developer of the “COCO” all electric LSV, which recently forged a China-based
multi-company Alliance to create China’s first, large-scale electric vehicle
(EV) model city, today announced it has successfully raised $10,000,000 through
the issuance of senior convertible notes to two U.S. institutional
investors.
Mr.
Xiaoming Hu, Chairman and CEO of Kandi, stated, “We and our Alliance partners
are working at top speed to bring our vision of China’s first electric vehicle
model city to fruition, and I am extremely pleased that, right at the start,
Kandi has attracted significant U.S. investor support for our role in this
revolutionary project.”
He added,
“Kandi COCO vehicles with new, patented technology for easy removal and
replacement of batteries will be a key element in the startup of this project,
and I believe this funding strengthens our ability to meet anticipated first
stage vehicle production requirements while also pursuing our legacy
business.”
Description
of Financing
As part
of the private placement, on January 21, 2009, Kandi Technologies
issued 2-year senior convertible notes (“the Notes”) with an aggregate principal
amount of $10 million, which carry an initial conversion price of $6.25 per
share and pay interest at 6 percent per annum. Additionally, investors in the
private placement were granted 800,000 3-year warrants with a strike price
of $6.5625 per common share. Kandi may redeem the Notes at 125%
of the principal amount, plus accrued and unpaid interest, beginning on the
six-month anniversary after the effectiveness of a registration statement
covering the underlying shares of common stock, provided certain market price
conditions are met. The Company is obligated to file the registration
statement sixty calendar days from the closing date. Further
information about the Notes and Warrants is available in the Company’s 8-K filed
today with the Securities Exchange Commission (“the SEC”).
FT Global
Capital, Inc. acted as lead placement agent, and Brean, Murray, Carret & Co.
acted as co-placement agent for this transaction. K&L Gates LLP
served as the Company’s counsel and Greenberg Traurig, LLP as counsel to the
investors.
This
press release does not constitute an offer to sell or the solicitation of an
offer to buy any security and shall not constitute an offer, solicitation or
sale of any securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About
The Alliance For Chinese Electric Vehicle Development and Commercialization
(“the Alliance”)
On
January 4, 2010, Kandi announced it had forged an Alliance with major Chinese
energy, IT and battery companies to help launch a new electronic vehicle (EV)
era in China. The new business model of the Alliance addresses key
hurdles to mass commercialization of EVs by reducing EV purchase costs,
eliminating battery concerns and substantially increasing driving
ranges. The new model envisions expansion on a city by city basis of
its new model, key elements of which include: strong government cooperation,
separating the sale of electric vehicles from the sale of batteries,
construction of a comprehensive network of “battery stations” within each city
for rental, repair, replacement and charging of batteries, and also, utilizing
Kandi vehicles and patented and patent pending EV technology for easy removal
and replacement of batteries. The core members of the Alliance are:
Kandi Technologies Corp., China Potevio/CNOOC New Energy and Power
Ltd. (a joint venture between China National Offshore Oil Corporation and China
Potevio Co.) and Tianneng Power International, Ltd. Jinhua City,
where Kandi is based, has been chosen as the first model EV city by the
Alliance.
About
Kandi Technologies, Corp.
Kandi
Technologies, Corp. (NASDAQ: KNDI) 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 a highly economical,
beautifully designed, all electric super mini car — the COCO — for neighborhood
driving and commuting. Kandi believes that battery powered, electric super minis
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.
Information
Regarding Forward-Looking Statements
Except
for historical information contained herein, the statements in this Press
Release are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause our actual results in future periods to differ materially from
forecasted results. These risks and uncertainties include, among other things,
product demand, market competition, and risks inherent in our operations. These
and other risks are described in our filings with the Securities and Exchange
Commission.