Advanced Battery Technologies, Inc. (OTCMKTS:ABAT) Announces Plans to Become Fully Reporting

After dropping a press release near the opening bell yesterday, Advanced Battery Technologies, Inc. (OTCMKTS:ABAT) closed 31% up on volume of over half a million shares changing hands. The trigger was the announcement that ABAT is changing its accounting firm and intends to become fully reporting.

ABAT was delisted from the NASDAQ in late 2011. Following the delisting, the company flew under the radar on the OTC Marketplace for quite a while, with just two form 8-K filings for the following two years. This led to a demotion to the Pink Limited Info tier and the branding of ABAT‘s OTC page with the skull and crossbones ‘Buyer beware’ sign.

Two weeks ago the company published another 8-K informing it dismissed its previous accounting firm and retained the services of a new one – Partiz & Company. Those events were echoed in yesterday’s press release, along with the company’s intention to become fully reporting, after the new P.A. audits ABAT‘s past four years, up to December 2014.

The PR wraps up with a couple of generalities about continued product development and commitment to the investment community. There’s no real way to figure out how ABAT has been doing financially ever since its last report and that one is ancient history by all standards, covering Q2 of 2011. Anything could have happened since then and traders will need to wait for the audited reports to get the full picture.

Until then, ABAT remains a shot in the dark, considering the extended lack of any public disclosure.