DALIAN, China, Feb. 10,
2021 /PRNewswire/ -- CBAK Energy Technology, Inc. ("CBAK Energy,"
or the "Company," NASDAQ: CBAT), a leading lithium-ion battery
manufacturer and electric energy solution provider, today
announced that it closed a registered direct placement of
approximately $70 million of its common stock, priced at
the market under applicable Nasdaq rules with a price of
$7.83 per share, and the concurrent
private placement on February 10,
2021, as previously announced on February 8, 2021. The Company issued a total of
8,939,976 shares of common stock to certain institutional
investors. The Company also issued Series A-1 Warrants to the
investors to purchase a total of 4,469,988 shares of common stock
and Series A-2 Warrants to purchase up to 2,234,992 shares of
common stock, both of which were issued at an exercise price of
$7.67 per share. Series A-1 Warrants
and Series A-2 Warrants are exercisable for 42 months and 45
months, respectively, from the issue date. In addition, the Company
issued Series B Warrants to the same investors to purchase a total
of 4,469,988 shares of common stock at an exercise price of
$7.83 per share, which are
exercisable for 90 days from the issue date.
The Company intends to use the net proceeds from the offering to
further accelerate the Company's business plan, repay some of its
outstanding debts, and fund any additional working capital
needs.
FT Global Capital, Inc. acted as the exclusive placement agent
for the offering.
Bevilacqua PLLC acted as counsel to the Company and Schiff
Hardin LLP acted as counsel to the placement agent in connection
with the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
The common stock, Series A-2 Warrants and Series B Warrants were
sold and issued pursuant to the Company's effective shelf
registration and base prospectus contained therein. The shelf
registration statement on Form S-3 (File No. 333-250893) relating
to this offering was filed with and declared effective by the
Securities and Exchange Commission (the "SEC") on December 3,
2020. A prospectus supplement related to this offering was filed
with the SEC on February 9, 2021 and
is available at www.sec.gov. The Series A-1 Warrants were sold and
issued in a concurrent private placement in reliance on an
exemption from the registration requirements of Section 5 of the
Securities Act contained in Section 4(a)(2) thereof and/or
Regulation D promulgated thereunder.
For further details of this transaction, please see the Current
Report on Form 8-K filed with the SEC on February 9, 2021 which may be viewed at
www.sec.gov.
About CBAK Energy Technology, Inc.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading
high-tech enterprise engaged in the R&D, manufacture, and sales
of high power lithium batteries. The application of its products
and solutions covers such areas as electric vehicles, light
electric vehicles, electric tools, transportation and energy
storage. As the first lithium battery company
in China listed in NASDAQ in 2006, CBAK Energy
possesses China's first production base specially engaged
in power battery, and has multiple operating subsidiaries in both
Dalian and Nanjing and a large-scale R&D and
production base in Dalian.
For more information, please visit www.cbak.com.cn
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
For More Information:
CBAK Energy Technology, Inc.
Ms. Yuna Pei
Phone: +86-0411-39185900
Email: IR@cbak.com.cn
View original
content:http://www.prnewswire.com/news-releases/cbak-energy-announces-the-closing-of-70-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rules-301226438.html
SOURCE CBAK Energy Technology, Inc.