From AFX News Limited
BOSTON -- Wonder Auto Technology has entered into an agreement with certain institutional investors to sell 3 million common shares at $8.65 a share. Total proceeds from the sale are expected to be about $26 million. Wonder Auto said it plans to use the proceeds for working capital and general corporate purposes.
Piper Jaffray & Co. acted as Wonder Auto's sole placement agent in connection with the private placement, which is expected to close on or about Thursday.
Shares of the China-based maker of automotive electrical parts and suspension products fell 8 percent to $9.11 on volume of 188,300.
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