Rodman and Renshaw (NASDAQ: RODM) Busy Last Month
Rodman & Renshaw Group, an investment banking firm
, was pretty busy last month.
China XD Plastics Company Limited today announced that it has entered into agreements with several major institutional investors for a registered direct placement of approximately $20M. The offering is expected to close on or about October 7, 2010, and Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. acted as the exclusive placement agent for the transaction.
China XD develops, manufactures, and distributes modified plastics, primarily for use in the production of automobile parts and components, like car bumpers, door panels, dashboards, and much more. The company's specialized plastics are utilized in more than 30 automobile brands manufactured in China, including Audi, Red Flag, Volkswagen and Mazda.
The company will be issuing a total of about 3,333,334 common shares to the investors at $6.00 and six month warrants to purchase an additional $10M worth of shares at a $6.00 exercise price, for potential gross proceeds totaling $30M.
What would you do with $30M? China XD has no shame in answering that very same question. The company expects to use the cash for general corporate purposes like working capital, research and development, and acquisition of new technologies. Mr. Jie Han, Chairman and CEO of China XD Plastics stated, "We are pleased to have completed this capital transaction. This additional capital will support our growth and our continued service to our customers."
September was a particularly busy month for Rodman and Renshaw, an investment banking firm that provides corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions, and also provides research and sales and trading services to institutional investors.
On September 14th, 2010, Rodman entered into an agreement for the acquisition of specified assets related to the OTC Bulletin Board, which is currently operated by FINRA. The acquisition is subject to negotiation and execution of definitive documentation and regulatory approvals. It is expected that the transaction will close in the first quarter of 2011.
On September 24th, 2010, Rodman helped raise a direct placement of $10M at a common stock price of $5.25 per share for Virginia Commerce Bancorp, Inc. The company is issuing a total of 1,904,766 shares to the institutional investors from that deal.
Rodman was also busy advising firms last month. The company's Metals and Mining Group acted as an advisor to Millenium Capital Corporation in connection with the recently completed option exercise by Tata Steel relating to NML's Schefferville Direct Shipping Ore JV project which would provide up to $300M in financing to the company.
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http://www.worldmarketmedia.com/779/section.aspx/2481/post/rodman-and-renshaw-nasdaq-rodm-busy-last-monthRodman and Renshaw (NASDAQ: RODM) Busy Last Month
By: Ronald Russo
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