Philadelphia Brokerage, Emerging Growth Equities are agents for deal
By Devika Patel
Knoxville, Tenn., Feb. 1 - Axion Power International, Inc. plans a $10 million registered direct offering of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Philadelphia Brokerage Corp. and Emerging Growth Equities, Ltd. are the agents.
The company will sell up to 28,571,429 common shares at $0.35 apiece. The price per share represents a 43.55% discount to the Jan. 31 closing share price of $0.62. The company said the share price was pre-determined by calculating a 10% discount to market using the company's volume-weighted average price for the preceding 40-day period.
Settlement is expected Feb. 3.
Proceeds will be used for working capital, capital expenditures and general corporate purposes.
New Castle, Pa.-based Axion specializes in developing energy storage devices.
| Issuer: | Axion Power International, Inc.
|
| Issue: | Common shares
|
| Amount: | $10 million
|
| Shares: | 28,571,429
|
| Price: | $0.35
|
| Warrants: | No
|
| Agents: | Philadelphia Brokerage Corp. and Emerging Growth Equities, Ltd.
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 3
|
| Stock symbol: | OTCBB: AXPW
|
| Stock price: | $0.62 at close Jan. 31
|
| Market capitalization: | $41.48 million
|
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