China Auto Logistics raises $5.25m through private equity placement
China Auto Logistics has raised $5.25 million through a private equity placement. The NASDAQ-listed company, which runs automobile-related websites, sells imported luxury vehicles and provides automobile-related services, sold 3 million unregistered common shares at $1.75 per share. The placement was priced at a 50% premium to the stock’s July 6 closing price.
Shiping Tong, CEO and chairman of China Auto Logistics, said the deal showed that investors appreciate the company's strength and growth potential. "Based on very thorough due diligence, these investors...
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