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DALIAN from China, December 8, 2020 / PRNewswire / – CBAK Energy Technology, Inc. (“CBAK Energy”, or the “Company”, NASDAQ: CBAT), a leading lithium-ion battery maker and electric power solutions provider, announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of approximately $ 49.2 million ordinary shares at the price of $ 5.18 per share. The Company will issue a total of 9,489,800 common shares to institutional investors. As part of the transaction, the Company will also issue to investors warrants (“Warrants”) for the purchase of up to 3,795,920 ordinary shares at an exercise price of $ 6.46 per share, which Warrants will have a term of 36 months from the date of issue. During the term of the warrants, if the closing bid price of the common shares is equal to or greater than $ 16.15 per share for seven consecutive trading days and the cumulative daily dollar trading volume exceeds $ 100 million per day during this seven-day period and certain other conditions are met, the Company has the option of redeeming all or part of the warrants then outstanding at $ 0.001 for each share that may be issued upon exercise of the redeemed warrants. The net proceeds of this offering will be used for general working capital purposes, including the repayment of certain unpaid debts. The end of the internship should take place on or around December 10, 2020, subject to the satisfaction of the usual closing conditions.
FT Global Capital, Inc. acted as exclusive placement agent and The Benchmark Company, LLC acted as co-agent for the transaction. These securities are offered by means of a prospectus supplement in accordance with the Company’s current prior registration statement and the base prospectus contained therein. An in-store registration statement (SEC Filing No. 333-250893) relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective by December 3, 2020.
A prospectus supplement relating to the Offer will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and such securities may not be sold in any state in which such offer, solicitation or sale would be illegal before registration or qualification in under the securities laws of such a state. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming part of the actual registration statement.
For more details on this transaction, please see Form 8-K to be filed with the SEC.
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a high-tech enterprise engaged in the R&D, manufacture and sale of high power lithium batteries. The application of its products and solutions covers areas such as electric vehicles, light electric vehicles, power tools, energy transport and storage. As the first lithium battery company in China listed on NASDAQ in 2006, CBAK Energy owns the first production base in China specially engaged in power batteries and has several operating subsidiaries in both Dalian and Nankeen and a large-scale R&D and production base in Dalian..
For more information, please visit www.cbak.com.cn
Safe Harbor Declaration
This press release contains certain statements which may include “forward-looking statements”. All statements other than statements of historical fact included in this document 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 involve assumptions, risks and uncertainties, and these expectations may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors, including the risk factors discussed in the Company’s periodic reports which are filed with the SEC and available on the Company’s website. the SEC (http://www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these risk factors. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements.
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SOURCE CBAK Energy Technology, Inc.
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