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| ABAT > SEC Filings for ABAT > Form 8-K on 12-Aug-2008 | All Recent SEC Filings |
12-Aug-2008
Unregistered Sale of Equity Securities, Financial Statements
On August 11, 2008 Advanced Battery Technologies issued five-day Series B Unit Purchase Warrants to the accredited institutional investors that funded the $12 million private placement completed on August 8, 2008. The Series B Unit Purchase Warrants permit each of the investors to purchase shares and warrants equal in number to those it purchased on August 8, at the identical purchase price of $4.25 for a unit of one share and one warrant. If all of the Series B Unit Purchase Warrants are exercised, Advanced Battery will sell 2,823,532 shares of common stock and warrants to purchase 1,270,590 shares of common stock (the "Warrants") for a gross purchase price of $12 million. The Series B Unit Purchase Warrants expire at 6:00 P.M. on August 15, 2008.
The Warrants issuable upon exercise of the Series B Unit Purchase Warrants are identical to the Common Stock Purchase Warrants sold in the offering on August 8, except that the exercise price will be the greater of $5.51 per share or the closing bid price of Advanced Battery Technologies common stock on the trading day immediately prior to exercise of the Series B Unit Purchase Warrants. The Common Stock Purchase Warrants expire in five years.
The sale of the Series B Unit Purchase Warrants was exempt from registration with the Securities and Exchange Commission pursuant to Rule 506, by reason of the fact that there was no general solicitation in connection with the offering, and the fact that the purchasers were accredited investors with sufficient knowledge and experience to be capable of evaluating the merits and risks of the investment, who were purchasing for investment for their own accounts.
Exhibits
10-a Securities Purchase Agreement dated August 11, 2008 among Advanced Battery Technologies, Inc. and certain named Purchasers.
10-b Form of Series B Unit Purchase Warrant issued on August 11, 2008
10-c Form of Common Stock Purchase Warrant - filed as an Exhibit to the Current Report on Form 8-K dated August 7, 2008 and filed on August 11, 2008, and incorporated herein by reference.
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