Advanced Battery Tech. (ABAT) to Sell 2.2M Shares at $4.25/Share
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Advanced Battery Technologies Inc. (Nasdaq: ABAT) today announced that certain institutional accredited investors have exercised the warrants issued to them on Monday, August 11 to purchase 2,235,302 shares of common stock at a price of $4.25 per share, resulting in gross proceeds to the company of $9.5 million, before deducting placement agent fees and other offering expenses. The investors in this private placement will also receive five-year warrants to purchase up to 1,005,884 additional shares of common stock at an exercise price of $5.51 per share.
Proceeds from the financing will be used primarily for funding expansion of assembly lines and other general corporate purposes, including working capital and possible acquisitions.
Advanced Battery Technologies, Inc., through its subsidiary, Heilongjiang ZhongQiang Power-Tech Co., Ltd., designs, manufactures, and markets rechargeable polymer lithium-ion (PLI) batteries in the People's Republic of China, Taiwan, Japan, the United States, and Europe.
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