Attached files
file | filename |
---|---|
8-K - Shengkai Innovations, Inc. | v203351_8k.htm |
EX-5.1 - Shengkai Innovations, Inc. | v203351_ex5-1.htm |
EX-10.1 - Shengkai Innovations, Inc. | v203351_ex10-1.htm |
Shengkai Innovations Announces Pricing
of Common Stock Offering
TIANJIN, China, November 19 -- Shengkai Innovations, Inc. (Nasdaq:
VALV; "Shengkai Innovations" or the "Company"), a leading ceramic valve
manufacturer in the
People's Republic of China
(the "PRC”), today announced that the
Company has priced a public offering of approximately $13.5 million, consisting
of 2,456,800 shares of common stock at $5.50 per share, resulting in
approximately $12 million in net proceeds, after deducting the underwriting
discount, commissions, and expenses. The transaction is expected to close on or
about November 24, 2010, subject to customary closing
conditions.
Global Hunter Securities, LLC and Maxim
Group LLC are acting as the joint book runners for the
offering.
The
Company intends to use the net proceeds from the offering for general corporate
purposes, including expanding its products, and for general working capital
purposes
The common shares will be issued
pursuant to the Company's existing shelf registration statement on Form S-3.
This press release shall
not constitute an offer to sell or the solicitation of an offer to buy the
securities in this offering. No sale of these common shares may be made in any
jurisdiction in which the offer, solicitation or sale would be unlawful under
the securities laws of that jurisdiction. The offering of
common shares may be made only by means of a prospectus supplement. Copies of
the final prospectus supplement and accompanying base prospectus relating to the
offering, when available, may be obtained from the United States Securities and Exchange
Commission's website at http://www.sec.gov, or from Global Hunter Securities Attn:
Prospectus Delivery Department, 777 Third Avenue, New York, New York 10017,
Attention: Henry Costa, or by telephone at (646) 264-5608 or Maxim Group LLC, by mail at 405
Lexington Avenue, 2nd Floor, New York, NY 10174, Attention:
Syndicate Desk or by telephone at (212) 895-3685.
About Shengkai Innovations,
Inc.
Shengkai Innovations is engaged in the
design, manufacture and sale of ceramic valves, high-tech ceramic materials and
the provision of technical consultation and related services. The Company's
industrial valve products are used by companies in the electric power,
petrochemical, metallurgy, and environmental protection industries as
high-performance, more durable alternatives to traditional metal valves. The
Company was founded in 1994 and is headquartered in Tianjin, the PRC.
The Company is one of the few ceramic
valve manufacturers in the world with research and development, engineering, and
production capacity for structural ceramics and is the only valve manufacturer
in China that is able to produce large-sized
ceramic valves with calibers of 6" or more. The Company's product portfolio
includes a broad range of valves that are sold throughout the PRC, to
Europe, North America, United Arab Emirates, and other countries in the
Asia-Pacific region. The Company has over 400
customers, and is the only ceramic valve supplier qualified to supply SINOPEC.
The Company also became a member of the PetroChina supply network in
2006.
About Global Hunter
Securities
Global
Hunter Securities, LLC is a full service investment bank focusing on middle
market corporate and
institutional
clients around the world. The firm provides insightful research, innovative
capital raising
and
financial advisory and restructuring services supported by a sales and trading
staff with world-wide
reach.
Global Hunter has offices in New York, San Francisco, Houston, Ft. Worth, New
Orleans, and
Newport
Beach, as well as a strong presence and reputation in mainland China. For more
information
about
Global Hunter, please visit http://www.ghsecurities.com.
About Maxim Group
LLC
Maxim Group LLC is a full-service
investment banking firm headquartered in New York. Maxim Group provides a full array of
financial services including investment banking; private wealth management; and
global institutional equity, fixed-income and derivatives sales and trading as
well as equity research. The investment banking group focuses on middle market
and emerging growth companies within the shipping, energy, health care,
technology, retail, and business and financial services sectors. The
institutional coverage of Maxim Group spans North and South America, Europe and
Asia. Maxim Group LLC is a registered as a
broker-dealer with the U.S. Securities and Exchange Commission and is a member
of the following: Financial Industry Regulatory Authority (FINRA); Municipal
Securities Rulemaking Board (MSRB); Securities Insurance Protection Corporation
(SIPC); International Securities Exchange (ISE); NASDAQ Stock Market and the
NYSE Arca, Inc. To learn more about Maxim Group, visit
www.maximgrp.com.
Safe Harbor Statements
Under the Private Securities Litigation
Reform Act of 1995: Any statements set forth above that are not historical facts
are forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements. Such factors include, but are not limited to, the effect of
political, economic, and market conditions and geopolitical events, legislative
and regulatory changes, the Company's ability to expand and upgrade its
production capacity, the actions and initiatives of current and potential
competitors, and other factors detailed from time to time in the Company's
filings with the United States Securities and Exchange Commission and other
regulatory authorities. All forward-looking statements attributable to the
Company or to persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the securities laws. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For more information, please
contact:
Shengkai Innovations,
Inc.
David Ming He
Chief Financial
Officer
Phone:
+86-22-5883-8509
Email: ir@shengkai.com
Web: http://www.shengkaiinnovations.com