By LLuvia Mares
New York, Aug. 17 - Valence Technology, Inc. announced Friday that it issued $1 million in common stock to Berg & Berg Enterprises, LLC.
The company sold 884,956 shares of common stock in a private placement.
Berg & Berg Enterprises purchased the shares at $1.13 each. The purchase price per share equaled the closing bid price of the company's common stock on Aug. 15.
The proceeds will be used to fund corporate operating needs and working capital.
Austin, Tex.-based Valence Technology specializes in commercial lithium phosphate rechargeable batteries.
Issuer: Valence Technology, Inc.
| Issue: | Stock
|
| Amount: | $1 million
|
| Shares: | 884,956
|
| Price: | $1.13
|
| Warrants: | No
|
| Stock symbol: | Nasdaq: VLCN
|
| Pricing date: | Aug. 15
|
| Investor: | Berg & Berg Enterprises, LLC
|
| Stock: | $1.13 at close Aug. 15
|
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