Qiao Xing Universal says investor to buy 1.3M shares
Shares of Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) are gaining ahead of the opening after the telecommunications company said an investor will purchase 1.3 million shares of its common stock at $11.80 per share, for gross proceeds of $15.34 million.
Qiao also noted that the investor will receive four-year warrants to purchase up to 408,461 shares of common stock at $13 per share. The shares and warrants being offered are the last ones under the company's effective but soon-to-expire shelf registration statement previously filed with the Securities and Exchange Commission.
Shares of Qiao Xing Universal (XING) gained 6.6%, or $0.68, to $10.98 ahead of the bell. Shares of Qiao Xing Universal have been trading in the range of $7.65 to $19.94 for the past 52 weeks.
