Axion Power reduces exercise price of warrants sold to Quercus Trust

By Devika Patel

Knoxville, Tenn., Sept. 28 - Axion Power International, Inc. amended the terms of the warrants it issued to the Quercus Trust in a January 2008 private placement, according to an 8-K filed Monday with the Securities and Exchange Commission.

The warrant strike price was reduced to $0.75 per share from $2.60 per share.

Quercus also agreed to invest an additional $2 million in the company by participating in a planned $10 million financing.

New Castle, Pa.-based Axion specializes in developing energy storage devices.

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