Shotgunner51
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SDIC Fund Management to Buy Stake in Maxwell Technologies
http://www.lexology.com/library/detail.aspx?g=cb09efb7-3c51-42fe-9e89-cd9c76fa06ee
http://www.dealstreetasia.com/stori...ity-investment-in-maxwell-technologies-69998/
- On April 10, 2017, Maxwell Technologies, Inc. entered into a stock purchase agreement with SDIC Fund Management Co., Ltd., pursuant to which Maxwell Technologies will issue and sell to SDIC Fund Management Co. approximately 19.9% of common stock for an aggregate purchase price of approximately US$46.55 million. (See Maxwell Technologies Form 8-K, Apr. 10, 2017, SEC Filing.)
- Maxwell Technologies is “a leading developer and manufacturer of capacitive energy storage and power delivery solutions.” (Maxwell Technologies, Press Release, Maxwell Signs $47 Million Strategic Equity Investment Agreement with China’s SDIC Fund Management Co., Maxwell Technologies Form 8-K, Ex-99.1, Apr. 10, 2017, SEC Filing.)
- SDIC Fund Management Co. is a private equity fund manager in China with “significant investments in China’s energy storage industry, including top battery companies, major system integrators in the new energy market, as well as leading OEMs in the China auto and grid industries.” (Id.) The majority of SDIC Fund Management Co. shareholders are Chinese-state owned entities, including the State Development & Investment Corporation (a Chinese state-owned holding company), China’s National Social Security Fund, and several provincial investment corporations. (See website for State Development & Investment corporation indicating SDIC is a majority shareholder in SDIC Fund Management Co.)
- The investment will be used by Maxwell Technologies “for strategic developments, including, notably related to dry battery electrode development, as well as working capital and general corporate purposes.” (Maxwell Technologies Form 8-K, Apr. 10, 2017, SEC Filing.)
- The Stock Purchase Agreement calls for a draft Committee on Foreign Investment in the United States (CFIUS) notification to be filed ten business days after signing (i.e., by Apr. 24, 2017), and closing conditions for the investment include clearance by CFIUS.
http://www.lexology.com/library/detail.aspx?g=cb09efb7-3c51-42fe-9e89-cd9c76fa06ee
http://www.dealstreetasia.com/stori...ity-investment-in-maxwell-technologies-69998/