Looks like they did a fine job of maximizing shareholder value to zero.
" Today, August 2, 2018, the Board of Directors of Axion Power International, Inc. (the “Company”), resolved that this Corporation is insolvent and unable to pay its debts as they become due, as a result Axion Power international, Inc. has retained Mr. Michael J. Henny, Esquire – Pittsburgh, PA. as counsel for its Chapter 7 bankruptcy proceeding, and for Richard H. Bogan, CEO to prepare and file the Corporation’s Petition and all other necessary papers in connection with the Proceedings under Chapter 7 of Title 11, United States Code, in the United States Bankruptcy Court for the Western District of Pennsylvania, for the purpose of obtaining relief as provided by Title 11, United States Code. This formal filing will occur on or before August 8, 2018. All of the Company’s directors tendered their resignations to be effective immediately upon this bankruptcy filing.
Richard Bogan, the CEO, has commented that over the last 3 years Axion Management has made over 30 detailed, specific and concerted efforts to sell Axion’s IP, merge the Company with another entity, establish a significant joint venture or monetize the value of Axion’s $70+ million NOL’s. Each of these many unsuccessful endeavors has been focused on maximizing Axion’s Shareholder Value. Further, the Company’s multi-year work with its potential partner in the People’s Republic of China – Fengfan Co. Ltd., Baoding, China – has proven to be extremely disappointing. During this time period, the Company has been open and candid in describing its financial and operating challenges through its numerous press releases and SEC filings. "
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