Wonder Auto Technology, Inc. (NASDAQ:WATG) ("Wonder Auto" or the "Company"), a leading manufacturer of automotive electric parts, suspension products and engine components in China, today announced the closing of a follow-on offering of 6.0 million shares of common stock at a public offering price of $10.75 per share. In connection with this offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock.
The Company received aggregate net proceeds of approximately US$59.2 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, not including the overallotment option. The Company plans to use the net proceeds of the offering for general corporate purposes, including expanding capacity at its existing facilities and investing in new businesses, products and technologies, both through acquisitions and capital programs, funding its ongoing operating and working capital expenses and repaying indebtedness.
Piper Jaffray & Co., Jefferies & Company and Oppenheimer & Co. Inc. acted as joint bookrunning managers of the offering, and Roth Capital Partners acted as a co-manager.
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