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
|
| Issue: | Stock
|
| Amount: | $13.7 million
|
| Shares: | 3.5 million
|
| Price: | $3.90
|
| Warrants: | No
|
| Announcement date: | Nov. 6
|
| Stock symbol: | Nasdaq: CBAK
|
| Stock price: | $5.30 at close on Nov. 5
|
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