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CBAK Energy Technology ([[CBAT]] -8.1%) opens sharply lower after announcing a $70M registered direct placement of ~$70M in common stock priced at $7.83/share.CBAK says it plans to use the proceeds to further accelerate its business plan, repay some outstanding debts and fund any additional working capital needs.Two months ago, CBAK launched a previous registered direct placement of $49.2M of common stock at $5.18/share.