ZHEJIANG, China, Dec. 14 /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 announced that
Maxim Group LLC, the lead underwriter of its recent follow-on offering, has
exercised the over-allotment option in full to purchase an additional 642,857
shares of common stock. Upon the deduction of underwriter's discount and
related expenses, the amount of approximately $4.3 million constituting
payment was received by the Company. With the exercise of the underwriter's
option, the aggregate net proceeds to SORL of its offering were approximately
US$32.7 million.
Maxim Group LLC acted as the sole book runner and Chardan Capital Markets,
LLC acted as a co-manager of the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction.
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 ).