China BAK Battery, Inc. (NASDAQ: CBAK)has closed a direct offering of 5,790,000 units. Each unit consists of a share of common stock and a warrant to purchase 0.25 of a share of common stock. The price of the securities was sold at $3.55 per unit, for an aggregate price of $20.6 million. The warrants may be exercised to purchase an aggregate of 1,447,500 share of the company's common stock a ta price of $3.90 per share.
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About China BAK Battery, Inc.
China BAK Battery, Inc. 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. China BAK Battery, Inc.'s 3.0-million-square-foot facilities are located in Shenzhen and Tianjin, PRC, and have been recently expanded to produce new products.
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