CBAT - CBAK Energy to raise ~$49.2M via registered direct placement

CBAK Energy Technology ([[CBAT]] -13.8%) has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of ~$49.2M of common stock at a price of $5.18 per share.Company to issue a total of 9,489,800 shares of common stock to the institutional investors; and also issue to the investors warrants for the purchase of up to 3,795,920 shares of common stock at an exercise price of $6.46 per share.Net proceeds to be used for general working capital purposes including the repayment of some outstanding debts.Completion is expected to occur on or about December 10, 2020.

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CBAK Energy to raise ~$49.2M via registered direct placement