Key Developments For China BAK Battery, Inc.
China BAK Battery, Inc. (CBAK.O) (Consolidated Issue listed on NASDAQ Global Market)
China BAK Battery, Inc. Announces Closing Of $20.6 Million Registered Direct Offering
China BAK Battery, Inc. announced that it has closed a registered direct offering of 5,790,000 units, each unit consisting of a share of common stock and a warrant to purchase 0.25 of a share of common stock. The price of the securities sold was $3.55 per unit, for an aggregate purchase price of $20.6 million. Pursuant to subscription agreements between China BAK and the investors in this offering, the warrants may be exercised to purchase an aggregate of 1,447,500 shares of the Company's common stock at an exercise price of $3.90 per share. The warrants are exercisable for 24 months beginning on the date of the initial issuance of the warrants. The Company expects to use the net proceeds from this offering of approximately $19.3 million to reduce its outstanding debt, to fund working capital and to fund capital expenditures. Cowen and Company, LLC, a subsidiary of Cowen Group, Inc. acted as the exclusive placement agent for the transaction.
China BAK Battery, Inc. To Raise $20.6 Million In Registered Direct Offering
China BAK Battery, Inc. announced that it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 5,790,000 units, each unit consisting of one share of common stock and a warrant to purchase 0.25 of a share of common stock, at a price of $3.55 per unit under its Form S-3 Registration Statement resulting in gross proceeds to the Company of approximately $20.6 million, before deducting placement agent fees and expenses of the offering. The warrants may be exercised at $3.90 per share. The warrants, if not exercised, will expire 24 months from the closing date. The closing is expected to occur on October 27, 2009. Proceeds from the offering will be used primarily for the repayment of short term debt, capital expenditures and general working capital. Cowen and Company, LLC, a subsidiary of Cowen Group, Inc., acted as the exclusive placement agent for the transaction.
China BAK Battery, Inc. Lowers FY 2009 Revenue Guidance
China BAK Battery, Inc. announced that for fiscal 2009, it expects revenue to fall in the range of $270 - $300 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $360 million for fiscal 2009.
China BAK Battery, Inc. Raises FY 2008 Revenue Guidance; Issues FY 2009 Revenue Guidance In Line With Analysts' Estimates; Announces Closing Of $16 Million Registered Direct Offering
China BAK Battery, Inc. raised its revenue guidance for fiscal 2008 to $240 million from $210 million reflecting strong demand for its products, especially laptop battery cells. The Company also announced that for fiscal 2009, it expects revenue to be in the range of $370-$410 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $240 million for fiscal 2008; revenues of $371 million for fiscal 2009. The Company also announced that it has closed a Registered Direct Offering of 4,102,564 shares of its common stock at $3.90 per share, for an aggregate purchase price of $16 million. Pursuant to the Securities Purchase Agreement, the investors also received warrants to purchase an aggregate of 4,102,564 additional shares of the Company's common stock (together with the New Shares, the Shares) at an exercise price of $3.90 per share. The warrants are exercisable for 60 days beginning on the date of the initial issuance of the warrants. The Company expects to use the net proceeds of this offering to, among other things, fund expansion of the Company's notebook cell lines, to fund working capital and to reduce debt.
China BAK Battery, Inc. To Raise $16 Million In Registered Direct Offering
China BAK Battery, Inc. announced that it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 4,102,564 million shares of its common stock at a price at $3.90 per share under its Form S-3 Registration Statement resulting in gross proceeds to the Company of $16 million, before deducting placement agent fees and expenses of the offering. In addition, the Company has issued to the investors a warrant to purchase 4,102,564 shares of common stock, in the aggregate, at a price of $3.90 per share for 60 days. The closing is subject to certain customary closing conditions and is expected to occur early next week. Proceeds from the offering will be used primarily to fund expansion of the Company's notebook cell lines.
