By Susanna Moon
Chicago, July 24 - Valence Technology, Inc. said it sold $1 million of shares to Berg & Berg Enterprises LLC, an affiliate of Valence chairman Carl E. Berg.
The company issued 869,565 shares at $1.15 each. The purchase price is equal to the company's stock price as of the market close on July 18.
Proceeds will be used for operating needs and for working capital.
Valence develops phosphate-based lithium ion batteries and is based in Austin, Texas.
| Issuer: | Valence Technology, Inc.
|
| Issue: | Stock
|
| Amount: | $1 million
|
| Shares: | 869,565
|
| Price: | $1.15
|
| Warrants: | No
|
| Investor: | Berg & Berg Enterprises, LLC
|
| Settlement date: | July 19
|
| Stock symbol: | Nasdaq: VLNC
|
| Stock price: | $1.15 at close July 18
|
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