Yuhe International Inc. priced a registered public offering of 3.6 million shares of its common stock at $7.00 per share.
The shares are being sold under the company's previously filed shelf registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission (SEC) on June 23. The Company expects that the offering will yield revenue, before expenses, of $23.9 million. Yuhe said it intends to use the net proceeds from the common stock sale for future acquisitions, capital expenditures, and general corporate and working capital purposes. In connection with the offering, the company also granted underwriters a 30-day option to purchase up to 540,000 additional shares to cover over-allotments, if any. The offering is expected to close on Oct. 25.
on October 21, 2010