China ACM Prices Common Share Offering
February 25, 2010 (FinancialWire) — China Advanced Construction Materials Group, Inc. (NASDAQ: CADC), a provider of ready-mix concrete in China, has priced a public offering of two million registered shares of common stock at a price of $4.60 per share.
In addition, the company has granted the underwriter a 30 day option to purchase an additional 300,000 shares at the public offering price of $4.60 per share to cover over-allotments. The offering is scheduled to settle and close on March 1.
China ACM plans to use the net proceeds to purchase two additional portable concrete mixing plants with the balance allocated for working capital purposes.
Beijing-based China ACM produces construction materials for large scale infrastructure, commercial and residential developments.
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