Advanced Battery Technologies skids on private placement
Shares of Advanced Battery Technologies Inc. (Nasdaq:ABAT) are plummeting in pre-market trading after the manufacturer of rechargeable polymer lithium-ion batteries said this morning that it will issue 2.82 million shares at $4.25 per share in a private placement for net proceeds of $12 million. Proceeds from the financing will be used for funding expansion of assembly lines and other general corporate purposes, including working capital and possible acquisitions.
Shares flopped 23%, or $1.27, to $4.26 in pre-market trading. For detailed price information and recent news stories about Advanced Battery Technologies, click ABAT.
