Highpower International Announces $5.05 Million Registered Direct Offering
14 April 2014 - 11:00PM
Marketwired
Highpower International Announces $5.05 Million Registered Direct
Offering
SAN FRANCISCO, CA and SHENZHEN, CHINA--(Marketwired - Apr 14,
2014) - Highpower International, Inc. (NASDAQ: HPJ), a developer,
manufacturer, and marketer of lithium and nickel-metal hydride
(Ni-MH) rechargeable batteries, and a battery management systems
and battery recycling provider, today announced that it has entered
into definitive purchase agreements with several institutional
investors for the sale of its common stock in a registered direct
offering. The Company is selling 1,000,000 shares of common stock
at a price of $5.05 per share, including warrants to purchase an
additional 500,000 shares of common stock with an exercise price of
$6.33 per share, for total estimated gross proceeds of
approximately $5.05 million. The offering is expected to close on
or about April 17, 2014, subject to the satisfaction of customary
closing conditions.
Highpower International intends to use the proceeds of the
offering for general corporate purposes, including research and
development, sales and marketing, general and administrative,
manufacturing, and capital expenditures.
Ardour Capital Investments, LLC acted as the exclusive placement
agent for the offering.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-192168), which was
previously filed with and declared effective by the United States
Securities and Exchange Commission ("SEC"). A prospectus supplement
relating to the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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 registration or qualification under the
securities laws of any such state or jurisdiction.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. Highpower's target customers are Fortune 500
companies, and top 10 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and
Ganzhou of China, Highpower is committed to clean technology, not
only in the products it makes, but also in the processes of
production. The majority of Highpower International's products are
distributed to worldwide markets mainly in the United States,
Europe, China and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not historical
facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include statements regarding the completion of Highpower's proposed
sale of common stock and warrants and the use of proceeds from that
sale, and statements about strategy and industry trends and the
Company's future performance, operations and products. Such
statements involve known and unknown risks, uncertainties and other
factors that could cause the Company's actual results to differ
materially from the results expressed or implied by such
statements. For a discussion of these and other risks and
uncertainties see "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company's public filings with the SEC. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct. The Company has no
obligation to update the forward-looking information contained in
this press release.
Financial Profiles, Inc. Tricia Ross +1-310-622-8226 Email
Contact
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