Kandi Technolgies Corp. (NASDAQ:KNDI) will start the construction of pure electric vehicle

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Dallas, Texas 07/16/2013 (Financialstrend) – Kandi Technolgies Group, Inc. (NASDAQ:KNDI) the company which operates with its subsidiaries in the manufacture, development, design and commercialization of various vehicles, announced on July 1 that it closes the direct placement of stocks to two institutional investors. The company raised $26.3 million approximately from the sales of common stock at a price of $6.03 per share. The company issued 4,376,036 shares in total to institutional investors and also offered to purchase up to 1,750,415 shares Series A Warrants at the exercise price of $7.24 per share with a 30-month term from the date of issue. It also announced that a 60-day option to acquire up to 728,936 shares of common stock will be available to the investor at $7.24 per share.

Recently Kandi Technolgies Group, Inc. (NASDAQ:KNDI) was added to the NASDAQ Gainers Watch List of Equity Profile Report. The company announced earlier that it will start the construction of pure electric vehicle (the “EV”) smart parking and charging in Hangzhou City. This is the first facility to be constructed by Kandi Technologies Group in Gudang Technology Park of Xihu District following a five-year plan to establish a mini-public transportation system.

Intraday range was from a low price of $4.66 to a high price of $5.25. The share price of Kandi Technolgies Corp. (NASDAQ:KNDI) closed for the day at $4.76, recording an increase of 5.08%. The low price of Kandi Technolgies for the past 52 weeks was $3.08, with a high of $8.50. The stock opened at the price of $4.68 on Monday with a market capitalization of $154.89 million and 32.54 million outstanding shares. With an institutional ownership of             8%, the trading volume for the day of Kandi Technolgies was 4.36 million and the average trading volume was 3.60 million shares.

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