Advanced Battery Technologies (ABAT) Sells 4.6M Shares Plus Warrants
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Advanced Battery Technologies, Inc. (Nasdaq: ABAT) agreed to sell common stock and warrants to institutional investors in a registered direct offering. The closing of the offering is expected to take place on or about October 5, 2009, subject to the satisfaction of customary closing conditions.
The investors have agreed to purchase 4,592,145 shares of common stock and 1,377,644 common stock purchase warrants. The warrants are exercisable at any time after the closing date, at an exercise price of $4.70 per share, and will expire in five years. The aggregate gross proceeds in the offering will be approximately $19,000,000.
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