The company set a floor price of 339.67 yuan per share

Contemporary Amperex Technology Co Ltd., the world’s largest electric vehicle battery manufacturer, has announced a Class A private placement that could fund up to 45 billion yuan ($6.7 billion).

The company has set a 339.67 yuan per share floor offering price.

The proceeds will be used to modernize production

The funds will be used to upgrade lithium-ion battery production in four Chinese cities, as well as for research and development.

After announcing the biggest dip in first-quarter quarterly earnings and generating substantial derivatives liabilities, the battery manufacturer has been under fire in recent months.

CATL’s stock slid 2.2 percent to 443.82 yuan in Shenzhen morning trading, giving it a year-to-date loss of roughly 25%. The company’s market value is estimated to be at 154 billion dollars.

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