Attached files
| file | filename |
|---|---|
| EX-5.1 - LETTER OF OPINION - ENER1 INC | v230763_ex5-1.htm |
| EX-4.1 - REGISTRATION RIGHTS AGREEMENT - ENER1 INC | v230763_ex4-1.htm |
| EX-5.2 - LETTER OF OPINION - ENER1 INC | v230763_ex5-2.htm |
| EX-10.1 - COMMON STOCK PURCHASE AGREEMENT - ENER1 INC | v230763_ex10-1.htm |
| 8-K - CURRENT REPORT - ENER1 INC | v230763_8k.htm |
MEDIA
CONTACT
Brian
Sinderson
212-920-3500
X117
brian.sinderson@ener1.com
Ener1
Announces Common Stock Purchase Agreement for up to $50 Million
Aspire
Capital Makes Initial $2 Million Investment
NEW YORK
(August 4, 2011) – Ener1, Inc. (NASDAQ: HEV), a leader in lithium-ion energy
storage solutions, today announced that Aspire Capital Fund, LLC, an Illinois
limited liability company, has purchased 2,325,581 shares of Ener1 common stock
for $2,000,000. The per share purchase price was $0.86, which was the closing
price on August 2, 2011. The investment represents the first purchase under a
common stock purchase agreement in which Aspire Capital has agreed to purchase
up to a total of $50,000,000 of Ener1 common stock over the next 24
months. The purchase agreement provides Ener1 with two mechanisms
under which it can elect to sell shares of common stock to Aspire Capital on any
business day: (1) Ener1 can sell up to 250,000 shares per day at a known price
based on the then market price on the purchase date, and (2) Ener1 can sell up
to 30% of the number of shares traded on the purchase date at a price equal to
95% of the volume weighted average price for such purchase date.
"We
believe the facility with Aspire Capital, together with a recent $15 million
line of credit from our largest shareholder and approximately $27 million in
projected cash flow from our Federal Grid Corporation customer, provides Ener1
with the financial flexibility we need to execute our business plan,” stated
Ener1 Chairman and CEO Charles Gassenheimer. While we don't anticipate
using the Aspire facility as our primary funding source, the board of directors
believes this is a prudent step to ensure that our business plan is fully funded
under any scenario. Our goal remains to use our assets to generate cash to
grow our business. We remain very optimistic that with our transportation,
small format and utility grid energy product lines, we are on the right path to
building a world-leading energy storage solutions company."
Ener1
will control the timing and amount of any sales of its common stock under the
purchase agreement, and is not obligated to sell unless it chooses to do
so. Aspire is required to make purchases as the company directs in
accordance with the agreement, which may be terminated by Ener1 at any
time. The purchase agreement does not restrict Ener1 from entering
into other financing opportunities.
A more
complete and detailed description of the purchase agreement is set forth in the
Ener1’s current report on Form 8-K, filed today with the U.S. Securities and
Exchange Commission.
- more
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Ener1
Announces Common Stock Purchase Agreement for up to $50 Million, Page
2.
About
Ener1, Inc.
Ener1,
Inc. is a publicly traded (NASDAQ:HEV) energy storage technology company that
develops compact, lithium-ion-powered battery solutions for the utility grid,
transportation and industrial electronics markets. Headquartered in
New York City, the company has nearly 700 employees with manufacturing locations
in the United States and Korea. Ener1 also develops commercial fuel
cell products and nanotechnology-based materials. For more
information, visit Ener1's web site at www.ener1.com.
# #
#
Safe
Harbor Statement
Certain
statements made in this press release constitute forward-looking statements that
are based on management's expectations, estimates, projections and assumptions.
Words such as "expects," "anticipates," "plans," "believes," "scheduled,"
"estimates" and variations of these words and similar expressions are intended
to identify forward-looking statements. Forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are difficult to
predict. Therefore, actual future results and trends may differ materially from
what is forecast in forward-looking statements due to a variety of factors. All
forward-looking statements speak only as of the date of this press release and
the company does not undertake any obligation to update or publicly release any
revisions to forward-looking statements to reflect events, circumstances or
changes in expectations after the date of this press release.