Valence Technology Inc. (Austin, TX) announced that it has entered into an arrangement with AG Edwards and Sons Inc. and Wm Smith Securities Inc. to act as placement agents for a new issuance of the company's common stock.
The placement agents have received commitments from a select group of institutional investors for 6.122 million shares at a price of $2.70 per share. The successful placement of all of the shares committed in the offering would raise net proceeds of approximately $15.2 million. Proceeds from the financing will be used for working capital purposes.
