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Energy

Advanced Battery Raising Capital (ABAT)

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By Jon C. Ogg Updated Published

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Advanced Battery Technologies, Inc. (NASDAQ: ABAT) is taking a small hit this morning on news that it is raising capital.  The developer of rechargeable polymer lithium-ion batteries and electric vehicles has entered into agreements with several institutional investors to raise $30 million via a registered direct placement.

The company will issue a total of 7,500,000 shares to the institutional investors.  In addition, Advanced Battery is going to issue warrants to purchase up to 3,750,000 additional shares of common stock.  If the warrants are exercised, the company would raise an additional $15 million in gross proceeds. The warrants have an exercise price of $4.00 per share and expire one year and one week after the offering’s closing date.

Advanced battery listed the use of proceeds to be used for acquisitions and for the expansion of its battery manufacturing facility.  Rodman & Renshaw acted as the exclusive placement agent for the transaction.  The market cap before the effects of any offerings was $293 million as of its $4.28 price.

With one minute until the open, shares were down 6.5% at $4.00 on 75,000 shares pre-market.  The 52-week trading range is $3.02 to $4.80.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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