Bafang Electric Co.,Ltd. announced that it expects to receive CNY 1.2 billion in funding
November 26, 2021
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Bafang Electric (Suzhou) Co.,Ltd. announced a private placement of 5,000,000 A shares for gross proceeds of not more than CNY 1,200,000,000 on November 26, 2021. The transaction will include participation from not more than 35 investors including Wang Yingzhe for not more than CNY 100,000,000, who has entered into purchase agreement with the company. The issuance price will be not lower than 80% of the average price of the companys shares as of 20 trading days since issuance date, the pricing base date is the first day of the issuance period. The shares issues will have a hold period of 36 months from the date of closing. The transaction has been approved by the board of directors of the company at its thirteenth meeting of the second directorate and 11th meeting of the second board of supervisors. The transaction is subject to shareholder and China Securities Regulatory Commission approvals.
Bafang Electric (Suzhou) Co., Ltd. is a China-based company mainly engaged in research, development, manufacture, sales and technical service of electric treadmill motors and supporting electrical systems. The Company's products are mainly used in electric treadmills, and can also provide electrical system adaptation solutions for different types of electric treadmills such as mountain bikes, road bikes, and urban (leisure, travel) vehicles. The Company operates its businesses in both domestic and overseas markets.