Highpower Shares Rebound Sharply as Co. Announces Supply Deal with SONY
Shares of Highpower Int'l (NASDAQ: HPJ) have rallied more than 13 percent Tuesday following an earlier press release which disclosed the company's Huizhou Highpower unit has become a supplier to SONY. The subsidiary will provide lithium polymer batters for SONY's wireless products.
The contract follows a "rigorous review and audit" of Huizhou's new plant by SONY. Orders are now being received and shipments are being made from Huizhou.
Quality Director at Highpower Int'l, Gerry Wang, said, "SONY's approval of our Huizhou facility is a tremendous endorsement to our new facility's state-of the-art design and advancements..."
Wenliang Li, Chief Technology Officer of Highpower, believes "Huizhou Highpower's ability to become SONY's battery supplier further demonstrates our industry expertise in providing quality, cutting-edge battery products to our customers. SONY is a world-leading electronics company with vast understanding and experiences with batteries and battery production. SONY's standards for battery production are second to none. It is an extraordinary achievement to have passed SONY's audit and become one of its suppliers. We believe that our advanced battery products and new facility are well positioned to continue to attract Fortune 500 customers."
Shares of Highpower touched a high at $5.18 earlier, marking a jaw-dropping 23 percent rally from Monday's closing price. Shares last traded at $4.78. The move on Tuesday comes on the heels of a nearly 27 percent decline on Monday amid news of a $5.05 million registered direct offering.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.