Boston, MA 06/11/2013 (wallstreetpr) – The share prices of China BAK Battery Inc. (NASDAQ:CBAK) had surged by 19.30 percent to close at $1.36 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $1.02 to $1.39 per share during the day. The shares of China BAK Battery Inc. (NASDAQ:CBAK) had recorded 52 week low price level of $0.59 per share and 52 week high price level of $3.55 per share.
The shares of China BAK Battery Inc. (NASDAQ:CBAK) had been regaining after the recent crash for the weekend owing to the false rumors surrounding the company. It was rumored that the company had won a supply deal with Kandi Technologies Inc to supply batteries for the electric sedan which the company is jointly developing with the Geely Automotive. This electric sedan had recently been approved by the Ministry of Information and Industry Technology at People’s Republic of China.
Such rumors of successful supply deal for the company had led the share prices of China BAK Battery Inc. (NASDAQ:CBAK) to skyrocket to new high levels. However, when Kandi Technologies Inc had made an announcement that these rumors were false and that it had no business relationship with China BAK Battery Inc. (NASDAQ:CBAK), the shares were dumped to lower price levels.
The shares of the manufacturer of standardized and customized lithium ion rechargeable batteries had however managed to regain from their recent slump to grow by around 19.30 percent for the close on Monday. Further, China BAK Battery Inc. (NASDAQ:CBAK) also witnessed heavy trading volumes where nearly 605,260 shares were exchanged hands on Monday, while the average trading volume for the company is at 115,265 shares per day.
China BAK Battery Inc. (NASDAQ:CBAK) presently holds 12.62 million shares outstanding in the market with an institutional ownership of 4 percent of its holdings.
