ChinaCast (CAST) Prices 5.93M Common Offering at $6.85/Share
ChinaCast Education Corporation (NASDAQ: CAST) today announced that it has priced a public offering of 5,930,000 shares of its common stock, at $6.85 per share. ChinaCast has granted the underwriters an option to purchase up to an additional 889,500 shares to cover over-allotments, if any. The shares are being sold under the Company's previously filed shelf registration statement that was declared effective by the Securities and Exchange Commission on September 24, 2008, and under the Company's newly filed registration statement that was filed with the Securities and Exchange Commission and became automatically effective on December 1, 2009.
Net proceeds, after underwriting discounts and commissions and before offering expenses payable by the Company, will be approximately $38,589,475 (or approximately $44,377,896 if the overallotment option is exercised in full). The offering is subject to customary closing conditions and is expected to close on Monday, December 7, 2009. The Company intends to use the net proceeds from this offering for working capital, future acquisitions and general corporate purposes.
Roth Capital Partners, LLC acted as the sole book runner.
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