Deal also offers warrants for 500,000 more shares at 10.09% premium
By Susanna Moon
Chicago, April 14 - Highpower International, Inc. said it entered into definitive purchase agreements with several institutional investors for the sale of its common stock in a $5.05 million registered direct offering.
The company is selling 1 million shares at a price of $5.05 per share, including warrants to purchase an additional 500,000 shares with an exercise price of $6.33 per share.
The price per share is a 12.17% discount to the company's closing price last Friday, and the strike price is a 10.09% premium to that price.
Proceeds will be used for general corporate purposes, including research and development, sales and marketing, general and administrative, manufacturing and capital expenditures.
Ardour Capital Investments, LLC is the placement agent.
Highpower is a Shenzhen, China-based company that produces high-quality Nickel-Metal Hydride and lithium-based rechargeable batteries used in electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products and lighting.
| Issuer: | Highpower International, Inc.
|
| Issue: | Shares
|
| Amount: | $5.05 million
|
| Shares: | 1 million
|
| Price: | $5.05
|
| Warrants: | For 500,000 shares
|
| Warrant strike price: | $6.33
|
| Agent: | Ardour Capital Investments, LLC
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Stock symbol: | Nasdaq: HPJ
|
| Stock price: | $5.75 at close April 11
|
| Market capitalization: | $68.07 million
|
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