Benzinga | Jul 26, 2021 03:22PM EDT

CBAK Energy Acquires 81.56% Stake In Zhejiang Meidu Hitrans For ~$24.50M

* CBAK Energy Technology Inc (NASDAQ:CBAT) subsidiary Dalian CBAK Power Battery Co., Ltd. will acquire a majority stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co., a lithium-ion battery material supplier in China.

* CBAK Power would acquire 81.56% of the equity interests of Hitrans currently held by Zhejiang Meidu Graphene Technology Co. and Hitrans management shareholders for CBAT shares are trading lower by 5.70% at $3.66 on the last check Monday.