Advanced Battery Technologies, Inc. (PN CE) (USOTC:ABAT)
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5 Years : From May 2010 to May 2015
While electric cars are slowly yet surely catching on, electric car battery makers have struggled in recent quarters. Lithium Ion battery manufacturers are presently contending with growing debt, increased competition from Asia, and, in some cases, afflicted by the actions of groups of short sellers. The Paragon Report examines investing opportunities in the Industrial Electrical Equipment Industry and provides equity research on Advanced Battery Technologies, Inc. (PINKSHEETS: ABAT) and Ener1, Inc. (PINKSHEETS: HEVV). Access to the full company reports can be found at:
Earlier this autumn, shares of Ener1 were delisted from the NASDAQ Stock Exchange as the company had not complied with the exchange's filing requirement for continued inclusion in Listing Rules. The rules require the timely filing of period financial reports with the SEC. Ener1 was one of 30 recipients of US Energy Department grants to produce electric-car batteries, being promised $118.5 million in department grants for its "EnerDel" unit in 2009 from President Barack Obama's economic stimulus package.
Ener1 heads said they planned to have 1,400 employees working in Indianapolis-area operations before 2015, but local employment has slipped from about 380 to roughly 250 since March.
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Advanced Battery Technologies was also dealt a delisting notification from NASDAQ. The Company failed to provide information requested by NASDAQ, specifically cash confirmation from the banks holding the Company's funds prepared in the presence of personnel employed by the Company's independent audit firm. In addition the Company failed to file its Quarterly Report on Form 10-Q for the period ended September 30, 2011.
Zhiguo Fu, Chairman of Advanced Battery Technologies, issued a strongly worded statement earlier this week regarding ABAT's misfortunes. "At the end of the summer, however, as stories circulated regarding collusion between a small number of Chinese companies and their bankers, NASDAQ decided that, solely because we are Chinese, we should be required to provide an extraordinary level of confirmation from our banks," he explained. Due to the resignation of the company's CFO, Controller and Fu's ailing health, the company was "unable to satisfy NASDAQ's demands."
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