Why Axion Power International, Inc. (OTCMKTS:AXPW) Shares Fell 14%

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Axion Power International, Inc. (OTCMKTS:AXPW) shares were down 14.29% on Tuesday to $0.0150 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.01 to $1,352.00. The company has  a market cap of $101,579.00 at 6.77 million shares outstanding.

Axion Power International is an energy solutions company that has developed carbon and lead batteries, and integrates its batteries into energy storage systems, renewable energy systems, off-grid applications, automotive and other applications. It also sells batteries, energy storage systems and engineering services as part of its product offerings, and can assist battery end users to adapt its batteries to various applications.

Axion Power’s lead carbon batteries and battery components have application in a range of energy storage systems, focusing on various areas, such as power grid stabilization, micro-hybrid vehicles, hybrid commercial trucks, automated guided vehicles, and off-grid and renewable energy storage.

In a recent SEC filing, Axion Power International had an 8K filing, which is a form that is used to notify US investors of events that may be important to shareholders of a public company.

As of the close of business on September 2, 2016, Axion Power International, Inc. had 16,679,697 shares of its common stock issued and outstanding. All of the shares issued since July 15, 2016 have been as a result of conversions of its Senior Secured Convertible Notes issued in November 2015,” the filing indicated.

Prior to this, the company announced that it was able to ship PbC batteries to the Battery Innovation Centre of MOBI Research Group of Vrije Universiteit Brussel to be evaluated for  automotive applications based on real world driving conditions and vehicle types available in the EU.

Axion Power International CEO Richard Bogan noted that this move is one of the many projects underway to establish the unique features and capability of the company’s proprietary PbC technology.

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