China Electric Motor, Inc. Announces Pricing of Public Offering of Common Stock
China Electric Motor, Inc. (“China Electric” or the “Company”) (Nasdaq: CELM), a Delaware corporation and China-based company that engages in the design, production, marketing and sale of micro-motor products through its subsidiary Shenzhen YuePengCheng Motor Co., Ltd. (“Shenzhen YPC”), today announces the pricing of its public offering of 5,000,000 shares of common stock. The underwriters have a 45-day option to purchase up to an additional 750,000 shares of common stock from the Company solely to cover over-allotments, if any. The underwriters will also receive warrants to purchase 500,000 shares of our common stock in connection with this offering. The shares are being offered to the public at $4.50 per share. The offering is expected to settle and close on February 3, 2010, subject to customary closing conditions. [Read the full article]
China Electric Motor Inc. said Friday it raised $22.5 million after pricing shares at the bottom of its expected range — $2.50 per share less than it had originally hoped to ask.
The Chinese maker of parts for household appliances, autos and consumer devices said it sold 5 million shares for $4.50 apiece. According to a regulatory filing in December, it had hoped to fetch $6 to $7 a share. The asking price was cut twice during a weak two months for the initial public offering market.
On Wednesday night, China Electric Motor also replaced one of its underwriters, Rodman & Renshaw, with Roth Capital Partners. It kept Westpark Capital on board.
There were 7 IPOs expected to debut this week. At least two postponed their debuts, two are trading below their sale prices and two cut the size of their offerings. [Read the full article]
Activity in the IPO pipeline reached a two-year record in the fourth quarter of 2009, meeting pre-recession levels with 53 companies entering into registration, 30 IPOs launched and the overall pipeline increasing to 54 registrants seeking to raise $10.3 billion, according to the Ernst & Young LLP US IPO Pipeline study. This activity jumped from the previous quarter, which showed some momentum with 30 new registrants, 14 companies that went public and a resulting pipeline of 34 registrants.
The number of companies in the IPO Pipeline increased by 59 percent compared to the third quarter of 2009. Fourth quarter registrants, however, sought less than the $10.9 billion represented at the end of the third quarter.
Many of the 53 new registrants entering the pipeline in Q4 were smaller companies; 24 companies sought deal sizes of $100 million or less. [Read the full article]
Ted Leonsis says he offered to buy the Washington Wizards at “one of the highest prices ever paid for an NBA team,” an amount that was apparently far short of satisfying the family of late owner Abe Pollin.
The former AOL executive wrote on his Ted’s Take blog Thursday that he remains “very confident” he will be the next owner of the Wizards, even though he and the Pollin family are at odds over the process for selling the team.
A person involved in the process said Leonsis and Pollin’s family were “several hundred million dollars” apart in initial negotiations earlier this month. The person also said the Pollin family has started marketing the Wizards to other potential buyers, even though the sale process is still in a stage in which Leonsis has an exclusive right to purchase the team.
The person spoke to the AP on condition of anonymity because of the delicate state of the negotiations. [Read the full article]