Company to sell 132 million shares for $99 million to HK New Energy
By Marisa Wong
Morgantown, W.Va., Sept. 14 – HK Battery Technology Inc. settled $50 million of a $99 million stock purchase agreement, according to an 8-K filing with the Securities and Exchange Commission.
The company issued 66,666,667 shares of its common stock to HK New Energy Vehicle System Integration Corp. on Sept. 4.
HK Battery had entered into a stock purchase agreement with the investor on Aug. 27 to sell 132 million shares for a total of $99 million.
The battery technology company is based in Pasadena, Calif.
| Issuer: | HK Battery Technology Inc.
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| Issue: | Common stock
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| Amount: | $99 million
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| Shares: | 132 million
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| Warrants: | No
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| Investor: | HK New Energy Vehicle System Integration Corp.
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| Pricing date: | Aug. 27
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| Settlement date: | Sept. 4 for $50 million
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| Stock symbol: | OTC: HKBT
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| Stock price: | $0.75 at close Aug. 24
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| Market capitalization: | $330,075
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