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Schiff Hardin LLP acted as counsel to the placement agent in connection with CBAK Energy Technology, Inc.’s $70 million registered direct offering priced at-the-market under applicable Nasdaq rules. CBAK Energy is a leading lithium-ion battery manufacturer and electric energy solution provider based in China. They intend to use the net proceeds from the offering to further accelerate their business plan, repay some outstanding debts, and fund any additional working capital needs.
FT Global Capital, Inc. acted as the exclusive placement agent for the offering, which closed on February 10, 2021.