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Your present location:Home >> Industry News >> China XD Plastics Announces the Closing of a Registered Direct Offering of $20 Million

China XD Plastics Announces the Closing of a Registered Direct Offering of $20 Million

Number of visits: Date:2010-10-11 14:21

Abstract:

China, Oct. 8 -- /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Limited ("China

XD Plastics" or the "Company"), (Nasdaq: CXDC), one of the leading Chinese manufacturers

engaged in the development, manufacture, and distribution of modified plastics primarily

for use in automotive applications in China, today announced the successful closing of its

previously announced sale to institutional investors of approximately $20 million of common

stock, at a price of $6.00 per share, in a registered direct offering. The Company issued a

total of 3,333,334 shares to the institutional investors together with warrants to purchase

a total of 1,666,667 shares of common stock. 

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM),

acted as the exclusive placement agent for the transaction.

The securities described above were offered pursuant to a shelf registration statement

(File No. 333-167423), which was declared effective by the United States Securities and

Exchange Commission ("SEC") on July 6, 2010. This press release shall not constitute an

offer to sell or the solicitation of an offer to buy any of the securities described

herein, nor shall there be any sale of these securities in any state or jurisdiction in

which such offer, solicitation or sale would be unlawful prior to registration or

qualification under the securities laws of any such state or jurisdiction. Copies of the

prospectus supplement and the accompanying base prospectus relating to this offering may be

obtained at the SEC's website at http://www.sec.gov or by request at info@rodm.com .

About China XD Plastics Company Limited

China XD Plastics Company Limited, through its wholly owned subsidiary, Harbin Xinda

Macromolecule Material ("Xinda"), develops, manufactures, and distributes modified

plastics, primarily for use in the production of automobile parts and components. The

Company's specialized plastics are used to produce: exterior parts, such as automobile

bumpers, rearview and sideview mirrors and license plate parts; interior parts, such as

door panels, dashboard, steering wheel, glove compartment and safety belt components; and

functional components, such as air conditioner casings, heating and ventilation casings,

engine covers, and air ducts. The Company's specialized plastics are utilized in more than

30 automobile brands manufactured in China, including Audi, Red Flag, Volkswagen and Mazda.

The Company's wholly-owned research institute is dedicated to the research and development

of modified plastics, and benefits from the cooperation with well-known scientists from

prestigious universities in China. At present, 159 Xinda's automotive-specific modified

plastic products have been certified by one or more of the automobile manufacturers in

China. For more information please visit http://www.chinaxd.net.

 

 

 

 

 

 

 

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