Valence Announces Issuance of Common Stock

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.