SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) June 29, 1999
VALENCE TECHNOLOGY, INC.
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(Exact name of Registrant as specified in charter)
Delaware
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(State or other jurisdiction of incorporation)
0-20028 77-0214673
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(Commission File Number) (IRS Employee Identification No.)
301 Conestoga Way, Henderson, Nevada 89015
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 558-1000
Not Applicable
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(Former name or former address, if changed since last report)
THIS DOCUMENT CONSISTS OF 6 PAGES.
Page 1
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Item 5. OTHER EVENTS.
On June 29, 1999, Valence Technology, Inc. (the "Company") entered into an
agreement with an institutional investor for the sale of 480,824 shares of its
common stock (the "Common Stock"), $0.001 par value, at a negotiated price of
$6.23929 per share for a total purchase price of $3,000,001. The Company
completed the issuance of 480,824 shares of its Common Stock on June 29, 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 $60,000, which
includes a finders fee paid to Caldwell Capital Corp. in the amount of $45,000.
The press release announcing such financing is filed herewith as Exhibit
99.1 and incorporated herein by reference.
As of the date of this report, the Company is authorized to issue up to
50,000,000 shares of Common Stock, and up to 10,000,000 shares of preferred
stock, $0.001 par value.
Item 7. EXHIBITS.
Exhibit Number Description
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99.1 News Release dated June 29, 1999
Page 2
<PAGE>
SIGNATURE
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.
VALENCE TECHNOLOGY, INC.
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(Registrant)
Date: June 30, 1999 By: /s/ LEV M. DAWSON
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Lev M. Dawson
Chairman of the Board, Chief
Executive Officer and President
Page 3
<PAGE>
EXHIBIT INDEX
Exhibit Page
Number Description Number
- ------- ------------------------------------------------ ------
99.1 News Release dated June 29, 1999
Page 4
<PAGE>
EXHIBIT 99.1
FOR FURTHER INFORMATION
AT THE COMPANY:
Lev Dawson
Chairman and Chief Financial Officer
(702) 558-1015
AT THE FINANCIAL RELATIONS BOARD:
Virginia St. John-Needham
General Information
(310) 442-0599
Bob Geiger
Analyst Inquiries
(310) 442-0599
Mary Tokita
Media Inquiries
(310) 442-0599
FOR IMMEDIATE RELEASE
June 29, 1999
VALENCE TECHNOLOGY RAISES $3 MILLION IN PRIVATE PLACEMENT
HENDERSON, NEV. - June 29, 1999 - 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
480,824 shares of its common stock, $0.001 par value, to an undisclosed
institutional investor for an aggregate purchase price 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 placement 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.
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, Inc.
