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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">SECURITIES AND EXCHANGE
COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">PURSUANT TO SECTION
13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">SECURITIES EXCHANGE
ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">DATE OF EARLIEST EVENT
REPORTED: January 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">AXION POWER INTERNATIONAL,
INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Exact name of Registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 33%; text-align: center; font-size: 10pt">Delaware</TD>
    <TD STYLE="width: 34%; text-align: center; font-size: 10pt">000-22573</TD>
    <TD STYLE="width: 33%; text-align: center; font-size: 10pt">65-0774638</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;incorporation)</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number)</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer Identification</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">3601 Clover Lane</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">New Castle, PA 16105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Address of principal
executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(724) 654-9300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Registrant&rsquo;s
telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Former name or former
address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 4%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 96%; text-align: left; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<HR STYLE="width: 100%; color: Black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">ITEM 1.01 ENTRY INTO
A MATERIAL DEFINITIVE AGREEMENT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Axion
Power International, Inc. (the &ldquo;Company&rdquo;) has entered into definitive agreements (a copy of the form of which is
attached hereto as Exhibit 99.1) to sell no more than 28,571,429 shares of common stock, par value $0.0001 per share (the
&ldquo;Shares&rdquo;), at a price per share of $0.35 for gross proceeds up to $10,000,000 (the &ldquo;Offering&rdquo;),
before deducting placement agents&rsquo; fees and estimated offering expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">The
Shares are being offered directly by Axion pursuant to an effective shelf registration statement previously filed with, and declared
effective by the Securities and Exchange Commission on July 14, 2011. The Company anticipates that the net proceeds from the Offering
will be used for working capital, capital expenditures and general corporate purposes. The closing of this offering is expected
to occur on or about February 3, 2012, subject to the satisfaction of customary closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">In
connection therewith, the Company has entered into a Placement Agency Agreement (a copy of which is attached hereto as Exhibit
99.2) with Philadelphia Brokerage Corporation and Emerging Growth Equities, Ltd., as placement agents (the &ldquo;Placement Agents&rdquo;)
for the Offering. The Placement Agency Agreement provides for compensation to the Placement Agents of a cash fee of s</FONT>even
percent (7.0%) of the gross proceeds received by the Company in the issuance of Shares placed by such Placement Agent in the Offering,
and for the issuance to the Placement Agents of the number of shares of Common Stock equal to three percent (3.0%) of the gross
proceeds received by the Company in the issuance of Shares placed by the Placement Agents in the Offering, with such shares of
Common Stock valued at the price at which the Shares are sold in the Offering. The Placement Agents have agreed that the shares
of Common Stock issued pursuant to the equity portion of such fee shall not be sold during the Offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would
result in the effective economic disposition of the Shares by any person for a period of 180 days immediately following the date
of the Offering except as permitted by FINRA Rule 5110(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.1pt">When
available, copies of the prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from
the Securities and Exchange Commission website at </FONT>http://www.sec.gov<FONT STYLE="font-family: Times New Roman, Times, Serif">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">ITEM 9.01
EXHIBITS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; width: 15%"><U>Exhibit Name</U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; width: 85%"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">Opinion of Jolie Kahn, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">23.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">Consent of Jolie Kahn, Esq. (included in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">99.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">Subscription Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">99.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">Placement Agency Agreement, dated January 31, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">99.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">Press Release dated February 1, 2012</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in; background-color: white">Pursuant
to the requirements of the Securities Exchange Act of 1934, Axion Power International, Inc. has caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in; background-color: white">Dated:
February 1, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">Axion Power International, Inc.</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 72%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.2pt; text-align: left; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: left; font-size: 10pt">/s/ Charles R. Trego</TD>
    <TD STYLE="padding-bottom: 1.2pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt">Charles R. Trego</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"></P>


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{"company-data": {"conformed-name": "Axion Power International, Inc.", "cik": "0001028153", "assigned-sic": "3690", "irs-number": "650774638", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22573", "film-number": "12561137"}, "business-address": {"street1": "3601 CLOVER LANE", "city": "NEW CASTLE", "state": "PA", "zip": "16105", "phone": "905-264-1991"}, "mail-address": {"street1": "3601 CLOVER LANE", "city": "NEW CASTLE", "state": "PA", "zip": "16105"}, "former-company": {"former-conformed-name": "TAMBORIL CIGAR CO", "date-changed": "19961204"}}
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
DATE OF EARLIEST EVENT
REPORTED: January 31, 2012
AXION POWER INTERNATIONAL,
INC.
(Exact name of Registrant
as specified in its charter)
Delaware
000-22573
65-0774638
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(I.R.S. Employer Identification
Number)
3601 Clover Lane
New Castle, PA 16105
(Address of principal
executive offices)
(724) 654-9300
(Registrant's
telephone number, including area code)
(Former name or former
address, if changed since last report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO
A MATERIAL DEFINITIVE AGREEMENT
Axion
Power International, Inc. (the "Company") has entered into definitive agreements (a copy of the form of which is
attached hereto as Exhibit 99.1) to sell no more than 28,571,429 shares of common stock, par value $0.0001 per share (the
"Shares"), at a price per share of $0.35 for gross proceeds up to $10,000,000 (the "Offering"),
before deducting placement agents' fees and estimated offering expenses.
The
Shares are being offered directly by Axion pursuant to an effective shelf registration statement previously filed with, and declared
effective by the Securities and Exchange Commission on July 14, 2011. The Company anticipates that the net proceeds from the Offering
will be used for working capital, capital expenditures and general corporate purposes. The closing of this offering is expected
to occur on or about February 3, 2012, subject to the satisfaction of customary closing conditions.
In
connection therewith, the Company has entered into a Placement Agency Agreement (a copy of which is attached hereto as Exhibit
99.2) with Philadelphia Brokerage Corporation and Emerging Growth Equities, Ltd., as placement agents (the "Placement Agents")
for the Offering. The Placement Agency Agreement provides for compensation to the Placement Agents of a cash fee of s
even
percent (7.0%) of the gross proceeds received by the Company in the issuance of Shares placed by such Placement Agent in the Offering,
and for the issuance to the Placement Agents of the number of shares of Common Stock equal to three percent (3.0%) of the gross
proceeds received by the Company in the issuance of Shares placed by the Placement Agents in the Offering, with such shares of
Common Stock valued at the price at which the Shares are sold in the Offering. The Placement Agents have agreed that the shares
of Common Stock issued pursuant to the equity portion of such fee shall not be sold during the Offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would
result in the effective economic disposition of the Shares by any person for a period of 180 days immediately following the date
of the Offering except as permitted by FINRA Rule 5110(g).
When
available, copies of the prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from
the Securities and Exchange Commission website at
http://www.sec.gov
.
ITEM 9.01
EXHIBITS
Exhibit Name
Description
5.1
Opinion of Jolie Kahn, Esq.
23.1
Consent of Jolie Kahn, Esq. (included in Exhibit 5.1)
99.1
Subscription Agreement
99.2
Placement Agency Agreement, dated January 31, 2012
99.3
Press Release dated February 1, 2012
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, Axion Power International, Inc. has caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Dated:
February 1, 2012
Axion Power International, Inc.
By:
/s/ Charles R. Trego
Charles R. Trego
Chief Financial Officer