SHENZHEN, China, Oct. 31, 2019 /PRNewswire/ -- Highpower
International, Inc. (NASDAQ: HPJ) ("Highpower" or the "Company"), a
developer, manufacturer, and marketer of lithium ion and
nickel-metal hydride (Ni-MH) rechargeable batteries, battery
management systems, and a provider of battery recycling, today
announced the consummation of the Company's acquisition by HPJ
Parent Limited ("Parent"), an exempted company with limited
liability incorporated under the laws of the Cayman Islands and formed for the benefit of a
consortium consisting of Mr. Dang Yu
(George) Pan, the Company's Chairman and Chief Executive
Officer and a stockholder of the Company, Mr. Wen Liang Li, a director and stockholder of the
Company, Mr. Wen Wei Ma, a
stockholder of the Company, and Essence International Capital
Limited, a company incorporated in Hong
Kong, through a merger of the Company with a wholly-owned
subsidiary of Parent (the "Merger"). In the Merger,
each outstanding share of Highpower common stock, other than shares
held by Parent (representing shares contributed to Parent by
members of the consortium) and shares as to which holders exercise
appraisal rights under Delaware
law, have been converted into the right to receive US$4.80 per share. As a result of the
Merger, Highpower is now a wholly-owned subsidiary of Parent, and
the shares of Highpower common stock no longer trade on the NASDAQ
Global Market ("NASDAQ").
In connection with the consummation of the Merger, the Company
notified NASDAQ of its intent to delist its common stock from
NASDAQ and requested that NASDAQ file with the SEC a Form 25
relating to the delisting of the Company's common stock from
NASDAQ. The Company intends to file a Form 15 with the SEC under
the Exchange Act of 1934, as amended (the "Exchange Act"),
requesting the deregistration of the Company's shares of common
stock, under Section 12(b) of the Exchange Act and the suspension
of the Company's reporting obligations under Section 15(d) of the
Exchange Act.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
E-bikes, energy storage systems, power tools, medical equipment,
digital and electronic devices, personal care products, and
lighting, etc. Highpower's target customers are Fortune 500
companies and top 10 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the
processes of production. The majority of Highpower International's
products are distributed to worldwide markets. Additional
information about the Company can be found at
http://www.highpowertech.com and in documents filed with the U.S.
Securities and Exchange Commission (the "SEC"), which are available
on the SEC's website at http://www.sec.gov.
Cautionary Statement Regarding Forward-Looking
Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to factors, risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement.
The forward-looking statements included in this press release
speak only as of the date hereof. Additional discussions of factors
affecting the Company's business and prospects are reflected under
the caption "Risk Factors" and in other sections of the Company's
Annual Report on Form 10-K for the Company's fiscal year ended
December 31, 2018, and other filings
made with the SEC. The Company expressly disclaims any intent or
obligation to update any forward-looking statements, whether
written or oral, that may be made from time to time by or on behalf
of the Company or its subsidiaries, whether as a result of new
information, changed circumstances or future events, or for any
other reason.
CONTACT:
Highpower International, Inc.
Sunny Pan
Chief Financial Officer
Tel: +86-755-8968-6521
Email: ir@highpowertech.com
Yuanmei Ma
Investor Relations Manager
Tel: +1-909-214-2482
Email: yuanmei@highpowertech.com
ICR, Inc.
Rose Zu
Tel: +1-646-931-0303
Email: ir@highpowertech.com
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SOURCE Highpower International, Inc.