AutoChina International said it raised about $20.4 million Friday after it closed out on a warrants redemption, money that the company said will be used to expand.
The Chinese commercial vehicle sales and leasing company said it had about 4.2 million outstanding warrants before the redemption. Each warrant allowed the holder to buy one ordinary AutoChina share at an exercise price of $5 per share.
Before the Jan. 8 redemption date, approximately 4.1 million warrants were exercised, about 97.8 percent of all warrants available for redemption. The remaining warrants were also redeemed.
AutoChina had about 15.1 million shares outstanding as of Thursday. The company also said its publicly traded warrants and units will no longer be traded.
Shares of AutoChina International Ltd. shed 31 cents, or 1.1 percent, to $27.49 Friday.
