Home > Press > Ener1 Announces That It Is Now Debt Free
Received Conversion Notices for 100% of Convertible Debentures
Ener1 Announces That It Is Now Debt Free
FORT LAUDERDALE, FL | Posted on March 27th, 2008
Ener1, Inc. today announced that all of the remaining holders of its 2004 and 2005 Convertible Secured Debentures have elected to convert their debentures into common stock.
The Company also announced that Ener1 Group, Inc., the majority shareholder of Ener1, also converted its holdings of $11,960,000 of convertible Ener1 notes plus interest into common stock as of March 25, 2008. As a result of the conversions, the company is now debt free and the security interests in the company's assets that were granted in favor of the debenture holders can be released.
Charles Gassenheimer, Ener1's Chairman, commented, "In one of the most difficult capital markets environments, Ener1 has successfully completed a $32 million capital raise in November 2007 and now has completed the clean-up of its balance sheet. While we still have significant challenges ahead, the debt-free balance sheet allows management to focus on building company value, and frees operating cash to invest in our future. The improved balance sheet has also been a significant benefit in discussions with customers and partners."
About Ener1, Inc.
Ener1, Inc. is leading the North American development and commercialization of advanced, high-performance safe lithium ion (Li-ion) batteries for hybrid electric vehicles (HEVs), Plug-in HEVs (PHEVs) and Electric Vehicles (EVs). Ener1 also is developing commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications at its NanoEner subsidiary. For more information, visit www.ener1.com and www.enerdel.com or call 954-556-4020.
For more information, please click here
Michael Mason (investor relations)
Allen & Caron Inc
212 691 8087
Jerry Herlihy (Ener1)
954 556-4020 x310
Copyright © PR Newswire Association LLC.
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
News and information
East China University of Science and Technology Purchases Nanonex Advanced Nanoimprint Tool NX-B200 July 30th, 2014
Watching Schrödinger's cat die (or come to life): Steering quantum evolution & using probes to conduct continuous error correction in quantum computers July 30th, 2014
From Narrow to Broad July 30th, 2014
FLAG-ERA and TNT2014 join efforts: Graphene Networking at its higher level in Barcelona: Encourage the participation in a joint transnational call July 30th, 2014
Harris & Harris Group Invests in Unique NYC Biotech Accelerator July 29th, 2014
Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 July 23rd, 2014
Nanometrics Announces Upcoming Investor Events July 22nd, 2014
Harris & Harris Group Invests in UberSeq, Inc. July 16th, 2014
University of Manchester selects Anasys AFM-IR for coatings and corrosion research July 30th, 2014
Nature inspires a greener way to make colorful plastics July 30th, 2014
Analytical solutions from Malvern Instruments support University of Wisconsin-Milwaukee researchers in understanding environmental effects of nanomaterials July 30th, 2014
FEI Unveils New Solutions for Faster Time-to-Analysis in Metals Research July 30th, 2014
Tough foam from tiny sheets: Rice University lab uses atom-thick materials to make ultralight foam July 29th, 2014
Stanford team achieves 'holy grail' of battery design: A stable lithium anode - Engineers use carbon nanospheres to protect lithium from the reactive and expansive problems that have restricted its use as an anode July 27th, 2014
Nano-supercapacitors for electric cars July 25th, 2014
Compact Vibration Harvester Power Supply with Highest Efficiency Opens Door to “Fix-and-Forget” Sensor Nodes July 23rd, 2014