China Bak Battery
China BAK Battery is one of the largest manufacturers of lithium-based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs.
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China BAK Battery closes US$20.6 million direct offering
China BAK Battery Inc (Nasdaq: CBAK) said it has closed the direct offering of 5.79 million units priced at US$3.55 apiece, with each unit consisting of a share of common stock and a warrant to purchase 0.25 of a share of common stock, raising US$20.6 million.
The company expects to receive approximately US$19.3 million net and will use the money to pay down debt and as working capital.
China BAK Battery manufactures lithium-based battery sells, the
principal component of rechargeable batteries used in cellular phones,
notebook computers and portable consumer electronics, such as digital
media devices, portable media players, portable audio players, portable
gaming devices, and PDAs.
China BAK Battery's
3.0-million-square-foot facilities are located in Shenzhen and Tianjin
in China and have been recently expanded to produce new products.
