The investors have agreed to purchase 4,592,145 shares of common stock and 1,377,644 common stock purchase warrants. The warrants are exercisable at any time after the closing date, at an exercise price of $4.70 per share, and will expire in five years. The aggregate gross proceeds in the offering will be approximately $19,000,000.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for this transaction.
A shelf registration statement relating to the common stock and warrants to be issued in the offering, and to the common stock underlying the warrants, has been filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful.
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company’s products include rechargeable PLI batteries for electric vehicles, automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices.
ABAT’s batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. Wuxi ZhongQiang Autocycle Co., Ltd, founded in 2002, develops and manufactures various types of electric vehicles.
Wuxi ZhongQiang owns three types of products listed in the E-Bike directory, with more than 20 varieties: electric bikes; agricultural transport vehicles for practical transportation; sport utility e-vehicles such as scooters, off-road vehicles, go-karts, snow scooters, sea scooters, as well as underwater propeller vehicles. Wuxi ZhongQiang products are exported to countries and regions in Europe, the United States and Asia. The Company has a New York office, with its executive offices and manufacturing facilities in China.