DALIAN, China, Feb. 8, 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 has entered into
a securities purchase agreement (the "Agreement") with certain
institutional investors for 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. As part of the Agreement, the Company will issue certain
Series A-1 Warrants to the investors to purchase a total of
4,469,988 shares of common stock and certain Series A-2 Warrants to
purchase up to 2,234,992 shares of common stock, both of which are
at a purchase 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. The Company will also issue certain Series B Warrants
to the investors to purchase a total of 4,469,988 shares of common
stock at a purchase 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.
The offering is expected to close on or about February 10,
2021, subject to the satisfaction of customary closing
conditions.
FT Global Capital, Inc. acted as the exclusive placement agent
for the offering.
The common stock, Series B Warrants, Series A-2 Warrants and the
common stock issuable upon the exercise of Series B Warrants and Series A-2 Warrants
being offered pursuant to the registered direct offering are being
sold pursuant to a shelf registration statement on Form S-3 (File
No. 333-250893), previously filed with the Securities and Exchange
Commission (the "SEC") and declared effective on December 3,
2020. Such securities are being offered only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A prospectus supplement and
the accompanying prospectus relating to and describing the terms of
the registered direct offering will be filed with the SEC. The
Series A-1 Warrants being offered in the concurrent private
placement, along with the underlying common stock, have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act") and are sold pursuant to 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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.
For further details of this transaction, please see the Form 8-K
to be filed with the SEC.
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
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SOURCE CBAK Energy Technology, Inc.