Kandi Technologies: Slumps on discounted stock-and-warrants offering

Kandi Technologies

20/11/2020 16:43

** Shares of Chinese EV maker  KNDI.O  down ~7% at $13.45
after stock-and-warrants offering
    ** KNDI sells ~8.85 mln units at $11.30 each directly to
institutional investors for $100 mln raise  urn:newsml:reuters.com:*:nGNXc2VkKP
    ** Each unit comprises one share of common stock and 0.4
warrants to purchase a share of common stock
    ** Company says it will use proceeds from offering for R&D
of EV sports cars models and ensure its electric vehicle models
comply with requisites to enter the U.S. market
    ** KNDI has 72.9 mln shares outstanding and a market cap of
~$1 bln, as of last close, per Refinitiv data
    ** Company has 58.4 mln shares in free float
    ** Up to Thursday's close, stock had tripled YTD

 (Reporting by Chavi Mehta)