ZHEJIANG, China, Nov. 27 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc.
(Nasdaq: SORL), a leading manufacturer and distributor of commercial vehicle
air brake valves as well as other auto parts in China, today priced its
follow-on offering of 4,285,714 shares at $7.25 per share. Net proceeds
after underwriters’ commissions and non-accountable will be approximately
$28.352 million.
The net proceeds will be used to fund capital expenditures including
construction of a new plant and equipment purchases, to expand research and
development efforts, to build out the international sales network and for
working capital and other general corporate purposes including for possible
strategic alliances.
Maxim Group LLC acted as the sole book runner and Chardan Capital
Markets, LLC acted as a co-manager of the offering.
About SORL Auto Parts, Inc.
As China’s leading manufacturer and distributor of automotive air brake
valves, SORL Auto Parts, Inc. ranks first in market share in the segment for
commercial vehicles weighing more than three tons, such as trucks and buses.
The Company distributes products both within China and internationally under
the SORL trademark. SORL ranks among the top 100 auto component suppliers in
China, with a product range that includes 40 types of air brake valves and
over 800 different specifications. The Company has three authorized
international sales centers in Australia, United Arab Emirates, and the
United States, with additional offices slated to open in other locations in
the near future. For more information, please visit http://www.sorl.cn .
Safe Harbor Statement
Statements made in this press release that are not historical fact
are "forward-looking statements," which are based on current expectations
that include a number of risks and uncertainties. Additional factors that
could potentially affect the Company’s financial results may be found on the
Company’s filings with the Securities and Exchange Commission (
http://www.sec.gov ).
