Harbin Electric, Inc., ("Harbin Electric" or the "Company"; Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that it has priced a public offering of 6,250,000 shares of its common stock, at $16.00 per share. The shares are being sold under the Company's previously filed shelf registration statement, which was declared effective by the Securities and Exchange Commission on June 9, 2009.
Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $93,600,000. Harbin Electric has granted the underwriters option to purchase up to an additional 937,500 shares to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on Tuesday, August 4, 2009.
The Company intends to use the net proceeds from the sale of the securities to repay certain indebtedness, to fund product development, and/or for working capital and general corporate purposes, including for potential acquisitions.
Roth Capital Partners, LLC is acting as the sole underwriter.
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