By Devika Patel
Knoxville, Tenn., Aug. 8 - Advanced Battery Technologies Inc. announced plans for an $11.99 million private placement of shares.
The company will sell 2.82 million common shares at $4.25 per share. Investors also will receive warrants for 1.27 million common shares, exercisable at $5.51 for five years.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for funding expansion of assembly lines and other general corporate purposes, including working capital and possible acquisitions.
Advanced Battery Technologies, based in New York, develops, manufactures and distributes rechargeable Polymer Lithium-Ion batteries.
| Issuer: | Advanced Battery Technologies Inc.
|
| Issue: | Common stock
|
| Amount: | $11,985,000
|
| Shares: | 2.82 million
|
| Price: | $4.25
|
| Warrants: | For 1.27 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.51
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 8
|
| Stock symbol: | Nasdaq: ABAT
|
| Stock price: | $5.53 at close Aug. 7
|
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