Advanced Battery Tech (ABAT) Hit On $30 Million Capital Raise

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10:42:39 am on November 30, 2010

Advanced Battery Technologies (ABAT) is down 10% this morning on news the company will raise $30 million by selling 7.5 million shares at a price of $4/share.  The company will also issue warrants that when fully exercised could provide another $15 million in capital.  The company plans to use the proceeds for acquisitions and manufacturing capacity.

The best companies are able to recover quickly from a capital raise, so it will be interesting to see how ABAT reacts.  The  company remains the top lithium battery play in China and this may present a buying opportunity at some point. 

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