China BAK (CBAK) to Raise $20.6 Million in Registered Direct Offering

China BAK Battery, Inc. (Nasdaq: CBAK) announced that it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 5,790,000 units, each unit consisting of one share of common stock and a warrant to purchase 0.25 of a share of common stock, at a price of $3.55 per unit resulting in gross proceeds to China BAK of approximately $20.6 million, before deducting placement agent fees and expenses of the offering. The warrants may be exercised at $3.90 per share. The warrants, if not exercised, will expire 24 months from the closing date