By Devika Patel
Knoxville, Tenn., June 26 - Harbin Electric, Inc. said in an 8-K filed Thursday with the Securities and Exchange Commission that it completed a $49.46 million private placement of stock on June 24.
Harbin sold 3.5 million common shares at $14.13 per share.
William Blair & Co., LLC and ROTH Capital Partners, LLC were the agents.
Proceeds will be used for working capital purposes, including financing potential acquisitions.
The company, based in Harbin, China, develops linear motors and special electric motors.
| Issuer: | Harbin Electric, Inc.
|
| Issue: | Common stock
|
| Amount: | $49,455,000
|
| Shares: | 3.5 million
|
| Price: | $14.13
|
| Warrants: | No
|
| Agents: | William Blair & Co., LLC; ROTH Capital Partners, LLC
|
| Settlement date: | June 24
|
| Stock symbol: | Nasdaq: HRBN
|
| Stock price: | $15.70 at close June 24
|
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