NEW YORK and HARBIN, China, Aug. 18, 2008 (GLOBE NEWSWIRE) -- Advanced Battery Technologies Inc. (Nasdaq:ABAT) today announced that certain institutional accredited investors have exercised the warrants issued to them on Monday, August 11 to purchase 2,235,302 shares of common stock at a price of $4.25 per share, resulting in gross proceeds to the company of $9.5 million, before deducting placement agent fees and other offering expenses. The investors in this private placement will also receive five-year warrants to purchase up to 1,005,884 additional shares of common stock at an exercise price of $5.51 per share.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), served as the placement agent for the offering.
Proceeds from the financing will be used primarily for funding expansion of assembly lines and other general corporate purposes, including working capital and possible acquisitions.
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement and the shares of common stock issuable upon exercise of the warrants issued in this private placement.
About Advanced Battery Technologies, Inc
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The Company has a New York office, with its executive offices and manufacturing facilities in China. For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: http://www.abat.com.cn.
This press release contains forward-looking statements, including statements regarding a financing of the company and the potential conversion of warrants into common stock of the company for additional consideration. The financing, including the conversion of warrants, and the timing for any such conversion, is dependent on risks and uncertainties, including, among others, the satisfaction of certain closing conditions in respect of the financing; the valuation of the company's common stock; the development and commercialization of the company's products, including, without limitation, the potential expansion of assembly lines; and the factors described under the Risk Factors Section of our Annual Report on Form 10-KSB filed with the Securities and Exchange Commission for the period ended December 31, 2007. Advanced Battery Technologies cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this document, and Advanced Battery Technologies undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Advanced Battery Technologies' business is subject to substantial risks and uncertainties, including those identified above.