With its shares trading over $26, it is not surprising that 97.8% of AutoChina's warrant holders have exercised their warrants:
AutoChina International Completes Redemption of All Warrants
Press Release Source: AutoChina International Ltd. On Friday January 22, 2010, 10:30 am EST
SHIJIAZHUANG, Heibei Province, China--(BUSINESS WIRE)--AutoChina International Limited (“AutoChina” or the “Company”) (NASDAQ: AUTC - News), a leading one-stop commercial vehicle sales and leasing company in China offering its customers affordable lease-to-own options, today announced that it has completed the previously announced redemption of its warrants. The redemption date for the warrants was January 8, 2010. Concurrent with completion of the warrant redemption, the Company’s publicly traded warrants (AUTCW) and units (AUTCU) ceased trading.
Immediately prior to the announcement of the warrant redemption there were approximately 4.2 million warrants issued and outstanding, including 1.43 million warrants issued to insiders prior to the Company’s initial public offering. Each warrant entitled the holder to purchase from AutoChina one ordinary share of the Company at an exercise price of $5.00 per share. Prior to the redemption date, a total of 4,080,690 warrants were exercised, equal to approximately 97.8% of all warrants subject to redemption. The remaining 91,418 warrants were redeemed and the holders of those warrants were paid the sum of $0.01 per warrant. As of January 21, 2010, there were 15,076,410 ordinary shares of AutoChina issued and outstanding.
AutoChina received total proceeds from all warrant exercises of approximately $20.4 million. The Company intends to use the proceeds from the warrant redemption to continue the expansion of its commercial vehicle sales and leasing business.
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