Lianhe Sowell International Group (LHSW) said Monday that it received a non-binding letter of intent for up to 200 million Chinese renminbi ($27.6 million) in funding from Hangzhou Yuhang Economic Development Equity Investment Fund.
The company said final investment terms will be subject to a definitive deal with the fund and it plans to use the funds to support the research and development of its industrial robots and the construction of its manufacturing facility in China's Zhejiang province.
Shares of Lianhe Sowell International were down more than 20% in recent Monday trading.
Price: 2.39, Change: -0.61, Percent Change: -20.33
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