SHENZHEN, China, Oct. 30, 2019 /PRNewswire/ -- Highpower
International, Inc. (NASDAQ: HPJ) ("Highpower" or the "Company"), a
developer, manufacturer, and marketer of lithium ion and
nickel-metal hydride (Ni-MH) rechargeable batteries, battery
management systems, and a provider of battery recycling, today
announced that at the Company's special meeting of stockholders
held on October 29, 2019, the
stockholders of the Company approved the Company's acquisition by
HPJ Parent Limited ("Parent"), an exempted company with limited
liability incorporated under the laws of the Cayman Islands and formed for the benefit of a
consortium consisting of Mr. Dang Yu
(George) Pan, the Company's Chairman and Chief Executive
Officer and a stockholder of the Company, Mr. Wen Liang Li, a director and stockholder of the
Company, Mr. Wen Wei Ma, a
stockholder of the Company, and Essence International Capital
Limited, a company incorporated in Hong
Kong, through a merger of the Company with a wholly-owned
subsidiary of Parent (the "Merger").
Stockholders owning a total of 11,793,273 shares of the
15,690,605 shares of common stock issued and outstanding on the
record date were present in person or by proxy at the meeting. A
total of 11,238,615 shares, representing 71.63% of the total
outstanding shares, voted in favor of the Merger, 532,167 shares
voted against the Merger and stockholders holding 22,491 shares
abstained. Of the outstanding shares entitled to vote, not
including shares held by Messrs. Dang Yu
(George) Pan, Wen Liang Li,
Wen Wei Ma and Essence International
Financial Holdings (Hong Kong)
Limited, or any of their respective affiliates, 6,188,358 shares
representing 58.16% of the eligible outstanding shares voted in
favor of the Merger.
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
E-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. Additional
information about the Company can be found at
http://www.highpowertech.com and in documents filed with the U.S.
Securities and Exchange Commission (the "SEC"), which are available
on the SEC's website at http://www.sec.gov.
Cautionary Statement Regarding Forward-Looking
Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to factors, risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement, including (but not limited to): (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement, (2) the
inability to consummate the Merger due to the failure to satisfy
conditions required for completion of the proposed
transaction, (3) risks related to the disruption of management's
attention from the Company's ongoing business operations due to the
proposed transaction and (4) the effect of the announcement of the
proposed transaction on the Company's relationships with its
customers, suppliers and business generally.
The forward-looking statements included in this press release
speak only as of the date hereof. Additional discussions of factors
affecting the Company's business and prospects are reflected under
the caption "Risk Factors" and in other sections of the Company's
Annual Report on Form 10-K for the Company's fiscal year ended
December 31, 2018, and other filings
made with the SEC. The Company expressly disclaims any intent or
obligation to update any forward-looking statements, whether
written or oral, that may be made from time to time by or on behalf
of the Company or its subsidiaries, whether as a result of new
information, changed circumstances or future events, or for any
other reason.
CONTACT:
Highpower International, Inc.
Sunny Pan
Chief Financial Officer
Tel: +86-755-8968-6521
Email: ir@highpowertech.com
Yuanmei Ma
Investor Relations Manager
Tel: +1-909-214-2482
Email: yuanmei@highpowertech.com
ICR, Inc.
Rose Zu
Tel: +1-646-931-0303
Email: ir@highpowertech.com
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SOURCE Highpower International, Inc.