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A123 files for bankruptcy after getting U.S. grant (Major advanced battery maker)
http://articles.marketwatch.com/2012-10-16/industries/34488944_1_battery-business-a123-battery-plantNEW YORK (MarketWatch) — A123 Systems Inc.on Tuesday filed for bankruptcy protection as it set plans to sell its automotive battery business to Johnson Controls Inc. for $125 million.
The bankruptcy came after the company said a financing deal with China’s Wanxiang Group Corp. fell through.
Shares of A123 Systems (US:AONE) dropped 18 cents or 75%, to trade at 6 cents a share.
The company, which has received a government grant commitment of about $249 million, launched its initial public offering at $13.50 a share on Sept. 24, 2009. The stock hit its all-time high of $22.44 a share on Dec. 31 of the same year, fell below $10 six months later and never recovered.
The bankruptcy came after the company said a financing deal with China’s Wanxiang Group Corp. fell through.
Shares of A123 Systems (US:AONE) dropped 18 cents or 75%, to trade at 6 cents a share.
The company, which has received a government grant commitment of about $249 million, launched its initial public offering at $13.50 a share on Sept. 24, 2009. The stock hit its all-time high of $22.44 a share on Dec. 31 of the same year, fell below $10 six months later and never recovered.
And once again the GOP is using this as ammo in their war on the environment, ugh.
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