Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (328)	1/23/2006 4:38:24 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Origin Agritech (SEED) has announced that 99.89% of its warrants have been exercised and that the company had raised gross proceeds approximating $40 million. The warrants (SEEDW) and units (SEEDU) has ceased trading. Origin Agritech Limited Raises $40 Million from Redemption of Warrants Monday January 23, 4:05 pm ET BEIJING & SAN DIEGO--(BUSINESS WIRE)--Jan. 23, 2006--Origin Agritech Limited (NASDAQ: SEED - News; "Origin") announced that, pursuant to its previously announced warrant call on December 5, 2005, approximately 8,041,000 of the 8,050,000 warrants that were then issued and outstanding were exercised at a price of $5.00 per warrant through the redemption date of January 9, 2006. Holders of the few remaining warrants that were not exercised were paid $.01 per warrant and the warrants were extinguished. Origin now has approximately 23,461,000 shares outstanding. Dr. Gengchen Han, Chief Executive Officer of Origin, stated, "We are extremely pleased that the warrant redemption went smoothly and that we now have additional common stock in the float. The gross proceeds received from this redemption were approximately $40 million. $15 million will be used to satisfy the remaining outstanding obligation to the initial Origin shareholders under the contract between Origin and Chardan China Acquisition Corporation, and the remainder will be used for working capital and other corporate purposes, including acquisitions." About Origin Founded in 1997, Origin specializes in the research, development, production, sale and distribution of hybrid corn rice and cotton seeds in China. The Company owns or leases facilities in, among other locations, Beijing, Gansu, Henan, Helongjiang, Liaoning, Jilin, Hainan and the Sichuan provinces, and also has an office in San Diego, CA. Origin launched its first entirely internally developed seed in 2003 and introduced four new proprietary corn hybrids to the market in 2004. In 2005 Origin had five new proprietary corn hybrids and one new proprietary cotton hybrid approved by the government registration office. Origin anticipates that it will introduce over 40 new proprietary products into the government testing and approval cycle between now and 2008. <snip> biz.yahoo.com