Axion Power raising up to $10M through direct common stock offering
01 February 2012
Axion Power International, Inc., the developer of advanced leadcarbon PbC batteries and energy storage systems, has entered into definitive agreements to sell an aggregate of not more than 28,571,429 shares of common stock, par value $0.0001 per share , at a price per share of $0.35 for gross proceeds up to $10 million, before deducting placement agents’ fees and estimated offering expenses.
The share price for this transaction was pre-determined by calculating a 10% discount to market using the volume weighted average price for the trailing 40 day period (VWAP).
Axion is offering the shares directly pursuant to an effective shelf registration statement previously filed with, and declared effective by, the Securities and Exchange Commission on 14 July 2011. The Company anticipates that the net proceeds from the offering will be used for working capital, capital expenditures and general corporate purposes. The closing of this offering is expected to occur on or about 3 February 2012, subject to the satisfaction of customary closing conditions.
Philadelphia Brokerage Corporation and Emerging Growth Equities, Ltd served as co-placement agents for the offering.
hopefully they will succeed in making high tech lead-acid batteries at usable costs.
Posted by: Herm | 01 February 2012 at 03:55 PM
Hopefully Axion will go bankrupt taking the loathsome Mr Petersen with it, who has consistently knocked lithium batteries and electric cars with any specious argument to hand.
Since China is moving to restrict the use of lead, which, being far more toxic than anything used in a lithium battery kills a lot of people in the Third World, then this may come to pass quicker than wec oould have hoped.
The fact that Petersen quoted with approval a recent Sandia report giving the price of lead carbon at $330/kwh and lithium for commodity batteries is already cheaper than that is also encouraging.
The only reason lead is still used in 12 volt car batteries is because at the time when lead was being banned in just about every other use no one could figure out how to economically do car batteries without using it.
The sooner the company and the use of lead dies the better.
Posted by: Davemart | 02 February 2012 at 05:00 AM
Well said Dave....
Posted by: HarveyD | 03 February 2012 at 11:53 AM