Advanced Battery Technologies, Inc. (NASDAQ: ABAT) recently raised $10 million in a private placement. It has agreed to sell additional $7 million worth of convertible preferred stock and warrants to three of the institutional investors that purchased similar securities from the company on June 1, 2009. The securities being sold include 180-day Class B Warrants that would yield another $7 million in gross proceeds if exercised. The company may demand exercise of the Class B Warrants if certain market conditions are satisfied. The breakdown of this raise is as follows:
- The Series F 0% Convertible Preferred stock has a potential conversion of 1.75 million shares at a convertible price of $4.00 per share.
- Class A warrants for the right to buy 787,500 shares of common stock at $4.92 per share.
- Class B Warrants to buy 1.75 million shares of common stock at $4.00 per share.
- Class C warrants to buy up to 25% of the Clacc B amount exercised with a price of $5.68 per share.
This stock has risen from under $4.00 to a close of $4.24 at the end of last week and that is on the heels of a prior private placement. In March this stock was under $2.00. Shares are indicated down 5% at $4.02 in pre-market trading and the 52-week range is $1.17 to $6.40.
JON C. OGG
JUNE 15, 2009
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