As filed with the Securities and Exchange Commission on April 18, 2008

 

Registration No. 333-150145

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM S-3

 

Amendment No. 1

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

CHINA DIRECT, INC.

(Exact name of the registrant as specified in its charter)

 

Florida

(State or other jurisdiction of incorporation or organization)

 

13-3876100

(I.R.S. Employer Identification Number)

 

431 Fairway Drive

Deerfield Beach, Florida 33441

(954) 363-7330

(Address, including zip code and telephone number, including area code, of registrant’s principal executive offices)

 

Mr. David Stein

Chief Operating Officer

China Direct, Inc.

431 Fairway Drive

Deerfield Beach, Florida 33441

(954) 363-7330

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

with a copy to:

James M. Schneider, Esq.

Schneider Weinberger & Beilly, LLP

2200 Corporate Boulevard N.W.

Suite 210

Boca Raton, Florida 33431

telephone (561) 362-9595

telecopier (561) 362-9612

 

As soon as practicable after the effective date of this registration statement

(Approximate date of commencement of proposed sale to the public)

 

If the only securities being registered on this Form are being offered pursuant to a dividend or interest reinvestment plans, please check the following box: o

 

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: x

 



If this Form is to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

 

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: o

 

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box: o

 

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box: o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

[  ]

Accelerated filer

[  ]

Non-accelerated filer

[  ]

Smaller reporting company

[√]

(Do not check if a smaller reporting company)

 

 

 

 

 

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Explanatory Paragraph

This Amendment No. 1 to the registration statement on Form S-3, SEC File No. 333-150145, of China Direct, Inc. is being filed solely for the purposes of refiling the signature page so that Ms. Yi (Jenny) Liu is signing the registration statement in her individual capacity and not only on the company's behalf.

 

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 14. Other Expenses of Issuance and Distribution.

 

The estimated expenses payable by China Direct, Inc. in connection with the distribution of the securities being registered are as follows:

 

SEC Registration and Filing Fee

 

$

1,850

 

Legal Fees and Expenses*

 

 

50,000

 

Accounting Fees and Expenses*.

 

 

25,000

 

Financial Printing*

 

 

1,000

 

Transfer Agent Fees*.

 

 

2,500

 

Blue Sky Fees and Expenses*.

 

 

500

 

Miscellaneous*

 

 

1,150

 

TOTAL

 

$

82,000

 

* Estimated

 

 

 

 

 

Item 15. Indemnification of Directors and Officers.

 

Under our articles of incorporation, our directors are not liable for monetary damages for breach of fiduciary duty, except in connection with:

 

 

a breach of the director’s duty of loyalty to us or our shareholders;

 

acts or omissions not in good faith or which involve intentional misconduct, fraud or a knowing violation of law;

 

a transaction from which our director received an improper benefit; or

 

an act or omission for which the liability of a director is expressly provided under Florida law.

 

In addition, our bylaws provides that we must indemnify our officers and directors to the fullest extent permitted by Florida law for all expenses incurred in the settlement of any actions against such persons in connection with their having served as officers or directors.

 

Item 27. Exhibits.

 

Exhibit No.

Exhibit

3.1

Articles of Amendment to the Articles of Incorporation setting forth the designations, rights and preferences of the Series A Convertible Preferred Stock (1)

4.1

Form of common stock purchase warrant (2)

5.1

Opinion of Schneider Weinberger & Beilly LLP *

10.1

Securities Purchase Agreement dated February 11, 2008 (2)

10.2

Registration Rights Agreement dated February 11, 2008 (2)

23.1

Consent of Sherb & Co., LLP*

23.2

Consent of Schneider Weinberger & Beilly LLP (included in Exhibit 5.1)*

 

*

previously filed

 

(1)

Incorporated by reference to the Current Report on Form 8-K as filed on February 15, 2008.

(2)

Incorporated by reference to the Current Report on Form 8-K as filed on February 12, 2008.

 

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Item 28. Undertakings.

 

a.

The undersigned registrant hereby undertakes:

 

1.            To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

 

 

i.

To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

 

 

ii.

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement.

 

 

iii.

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

 

Provided however, That:

 

 

A.

Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and

 

 

B.

Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-2 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

 

2.            That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

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3.            To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

 

4.            That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

 

A.           Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

 

B.           Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),(vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

 

The undersigned registrant hereby undertakes that, for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offering therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

 

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Deerfield Beach, State of Florida on April 18, 2008.

 

China Direct, Inc.

 

 

By:

/s/ Yuejian (James) Wang

Yuejian (James) Wang, Chief Executive Officer,
director, principal executive officer

 

 

By:

/s/ Yi (Jenny) Liu

 

Yi (Jenny) Liu, Vice President, Finance,

principal accounting and financial officer

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

 

Signature

Title

Date

 

 

 

/s/ Yuejian (James) Wang

Yuejian (James) Wang

President, Chief Executive Officer, director,
principal executive officer

April 18, 2008

 

 

 

/s/ Marc Siegel

Marc Siegel

President and director

April 18, 2008

 

 

 

/s/ Yi (Jenny) Liu

Yi (Jenny) Liu

Vice President, Finance, principal accounting and financial officer

April 18, 2008

 

 

 

/s/ Victor Hollander

Victor Hollander

Director

April 18, 2008

 

 

 

/s/ David Barnes

David Barnes

Director

April 18, 2008

 

 

 

/s/ Sheldon Steiner

Sheldon Steiner

Director

April 18, 2008

 

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