Invengo Raises $108MM USD via a Private Placement Stock Offering
Shenzhen — Invengo Information Technology (002161.SZ) announced that the company has raised 694.1 million Yuan (USD$108 million) through a private placement of 36.0387 million shares at 19.26 Yuan (USD $3.00) per share.
Invengo is a leading vendor of Radio Frequency Identification (RFID) products and solutions in China. Invengo went public in August 2007 and is listed on Shenzhen Stock Exchange (SZSE), China. Invengo announced its second round of fund-raising plans in November 2010.
Closing this transaction within a significantly short period of time, which Invengo believes is an indication of the investors' confidence in Invengo's business prospects, will constitute an important step in Invengo’s ambition to consolidate its lead in Greater China and the global market.
All the proceeds raised will be invested in five projects. The investment capital required for the five projects is expected to hit 792 million Yuan (USD$123 million). The projects include the commercialization of Internet-Of-Things, RFID handhelds, a management system for RFID-based railway vehicle parts, research and development into an automated library system and tracking devices for trains.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offering would be unlawful.
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