Axion Power International reported the successful completion of recent capital raising activity, providing the company with funds to help continue manufacturing and marketing its battery product line.
Axion Power said that the company raised gross proceeds of $9.4 million through a registered direct common stock offering to a group of institutional investors. The shares were sold at $0.35 per share, which represented the average price of the company’s common stock on a volume weighted basis during a 40 day period prior to the offering.
The offering raised $8.6 million after expenses, and Axion Power plans to use the net proceeds for capital expenditures, working capital, and other unspecified corporate purposes.
Axion Power said that the offering was authorized under a shelf registration statement filed in July 2011, and was arranged by the Philadelphia Brokerage Corp. and Emerging Growth Equities Ltd.
Axion Power is working on a line of energy storage components and devices using proprietary technology developed by the company. The products deliver higher power rates with faster recharging. The company also believes that its products have a lower failure rate and are less harmful to the environment than competing products in the market place today.
For more information on the company, go to www.axionpower.com
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