Lithium Technology Corporation (LTC), a provider of large format lithium-ion batteries, announced that it sold 20,060 shares of Series C Preferred Stock for an aggregate of $3,009,000.
Each share of Series C Preferred Stock is convertible into 2,500 shares of company common stock. At a purchase price of $150 per share of Series C Preferred Stock, the effective purchase price for each underlying common share of company common stock is $0.06 per share. The stock has been trading below $0.03.
We are extremely pleased with this recent financing because it demonstrates the confidence that professional investors have in LTC and the markets in which we operate. We believe that our recent product and partnership announcements have proven to stakeholders that our company is progressing on all fronts, in the production as well as in the commercialization of cells and batteries to the transportation, military and renewable/stationary markets.—Amir Elbaz, executive vice president and chief financial officer
LTC manufactures the GAIA product line of large, high power hermetically sealed rechargeable lithium-ion cells and batteries.
LTC provided the li-ion battery system for the Zytek plug-in diesel electric hybrid recently shown in the UK. That battery pack has an output of 288 V and a capacity of about 2.2 kWh of energy. (Earlier post.)