By LLuvia Mares
New York, Nov. 6 - China BAK Battery announced Tuesday it plans to raise a $13.7 million private placement of stock.
The company will issue 3.5 million shares at $3.90 per share to a group of accredited investors. No warrants were issued in the deal.
Proceeds will be used for working capital, to expand business and to retire indebtedness.
Shenzhen, China-based China Bak manufactures lithium-based battery cells.
Issuer: | China BAK Battery
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Issue: | Stock
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Amount: | $13.7 million
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Shares: | 3.5 million
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Price: | $3.90
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Warrants: | No
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Announcement date: | Nov. 6
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Stock symbol: | Nasdaq: CBAK
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Stock price: | $5.30 at close on Nov. 5
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