SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 30, 1999
VALENCE TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-20028 77-0214673
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
301 CONESTOGA WAY
HENDERSON, NEVADA 89015
(Address of Principal Executive Offices)
(702) 558-1000(Registrant's Telephone Number)
Not Applicable(Former name or former address, if changed since last report)
THIS DOCUMENT CONSISTS OF 5 PAGES.
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Item 5. OTHER EVENTS
On July 29, 1999, Valence Technology, Inc. (the "Company") entered into
an agreement with an institutional investor for the sale of 501,749 shares of
its common stock (the "Common Stock"), $0.001 par value, at a negotiated price
of $5.9791 per share for a total purchase price of $3,000,000. The Company
completed the issuance of 501,749 shares of its Common Stock on July 30, 1999.
The purchase price of the Company's Common Stock reflects the average of recent
trading prices of the Common Stock on the Nasdaq National Market, net of an 8%
discount, before deduction of offering expenses, estimated to be $49,134.
The press release announcing such financing is filed herewith as Exhibit
99.1 and incorporated herein by reference.
Item 7. EXHIBITS.
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EXHIBIT NUMBER DESCRIPTION
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99.1 News Release dated August 2, 1999
Page 2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
August 2, 1999 VALENCE TECHNOLOGY, INC.
By: /s/ LEV M. DAWSON
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Lev M. Dawson
Chairman of the Board, Chief Executive
Officer and President
Page 3
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EXHIBIT INDEX
EXHIBITS
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99.1 News Release dated August 2, 1999
EXHIBIT 99.1
VALENCE TECHNOLOGY RAISES $3 MILLION IN PRIVATELY NEGOTIATED TRANSACTION
Monday, August 2, 1999 08:01 AM
HENDERSON, NEV. - Aug. 2 /PRNewswire/ -- Valence Technology, Inc. (Nasdaq:
VLNC), a development stage company engaged in the research and development of
advanced rechargeable batteries based on lithium ion and polymer technologies,
has sold 501,749 shares of its common stock, $0.001 par value, to an undisclosed
institutional investor, a subsidiary of a major international bank, for an
aggregate of $3 million. The purchase price reflects the average of recent
trading prices of the company's common stock on the Nasdaq National Market, net
of an 8% discount.
The transaction was completed under Valence's $50 million shelf offering filed
with the U.S. Securities and Exchange Commission in April. The company plans to
use the proceeds to fund its operations in preparation for marketing its lithium
polymer battery technology and for general corporate purposes.
With more than 400 battery patents awarded and pending, Valence is a leader in
the commercial production of lithium polymer batteries. The company operates
facilities in Henderson, Nev.; Seattle, Wash.; and Mallusk, Northern Ireland.
Valence is traded on the Nasdaq National Market under the symbol VLNC. Valence
can be found on the Internet at http://www.Valence-Tech.com.
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The information contained herein includes forwarding-looking statements that
involve risks and uncertainties. In particular, the establishment, development
and potential success of product development and production outcomes are subject
to risks and uncertainties both within and outside Valence's control. These risk
factors are described from time to time in Valence's SEC reports, including on
Form 10-K for the years ended March 29, 1998 and March 28, 1999, to which
readers are referred.
SOURCE: Valence Technology
CONTACT: Lev Dawson, Chairman and Chief Executive Officer of Valence
Technology, 702-558-1000; or general information, Daniel Saks, analyst
inquiries, Bob Geiger, or media inquiries, Mary Tokita, all of the Financial
Relations Board, 310-442-0599
QUOTE FOR REFERENCED TICKER SYMBOL: VLNC.
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