ABAT has long been in the small-sized lithium ion battery business, but has more recently expanded into the larger-format lithium ion battery for use in electric vehicles.
The company recently signed a $8.7 million contract with Beijing-based U Long Run Sheng Technology Development Co. to supply electric vehicle batteries. Separately, ABAT recently raised approximately $20 million in an equity financing, the proceeds of which will presumably be used to fund its upcoming acquisition of a Shenzhen-based, small-format battery maker (name yet to be disclosed). Adjusted for the equity offering, ABAT trades at approximately 13 times trailing 12 months' earnings. The company has over $60 million of cash on hand, but much of it is presumably committed to its various acquisition and expansion plans.
At the time of publication, Pearson was long CMTP.OB.
The author can be reached at firstname.lastname@example.org.
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