By Sheri Kasprzak
New York, Aug. 31 - Harbin Electric, Inc. said it has closed a private placement of stock for $4.8 million.
The company sold 1.6 million shares at $3.00 each to institutional and accredited investors.
The investors also received warrants for 480,000 shares, exercisable at $3.50 each.
Based in Harbin, China, Harbin develops linear induction motors.
| Issuer: | Harbin Electric, Inc.
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| Issue: | Stock
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| Amount: | $4.8 million
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| Shares: | 1.6 million
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| Price: | $3.00
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| Warrants: | For 480,000 shares
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| Warrant strike price: | $3.50
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| Settlement date: | Aug. 31
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| Stock price: | $3.40 at close Aug. 31
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