Bafang Electric Co.,Ltd. announced that it expects to receive CNY 1.2 billion in funding
November 25, 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 primarily engaged in research and development, manufacturing, sales and technical service of electric bike motors and supporting electrical systems. The Company's main products include mid motors, rear motors, front motors, gear hubs, batteries, human machine interface (HMI) and other products, applied to mountain bikes, road bikes, city bikes and other categories of electric bikes. The Companyâs in-wheel motors products can be used in electric wheelchairs, electric scooters, garden mowers and other fields after modification. The Company conducts its business in the domestic and overseas markets.