SORL Auto Parts Announces Exercise of Over-allotment Option by Underwriter

ZHEJIANG, China, Dec. 13 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ:SORL), a leading manufacturer and distributor of commercial vehicle air brake valves as well as other auto parts in China, today announced that Maxim Group LLC, the lead underwriter of its recent follow-on offering, has exercised the over-allotment option in full to purchase an additional 642,857 shares of common stock. Upon the deduction of underwriter's discount and related expenses, the amount of approximately $4.3 million constituting payment was received by the Company. With the exercise of the underwriter's option, the aggregate net proceeds to SORL of its offering were approximately US$32.7 million.

Maxim Group LLC acted as the sole book runner and Chardan Capital Markets, LLC acted as a co-manager of the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About SORL Auto Parts, Inc.

As China's leading manufacturer and distributor of automotive air brake valves, SORL Auto Parts, Inc. ranks first in market share in the segment for commercial vehicles weighing more than three tons, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL ranks among the top 100 auto component suppliers in China, with a product range that includes 40 types of air brake valves and over 800 different specifications. The Company has three authorized international sales centers in Australia, United Arab Emirates, and the United States, with additional offices slated to open in other locations in the near future. For more information, please visit http://www.sorl.cn/

Safe Harbor Statement

Statements made in this press release that are not historical fact are "forward-looking statements," which are based on current expectations that include a number of risks and uncertainties. Additional factors that could potentially affect the Company's financial results may be found on the Company's filings with the Securities and Exchange Commission (http://www.sec.gov/). 

DATASOURCE: SORL Auto Parts, Inc.



CONTACT:  David Ming He, SORL Auto Parts, Inc., [phone],

; or Christopher Chu, The Global Consulting Group,

[phone],  



Web site:  http://www.sorl.cn/ 

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