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Clean Energy Technologies (OTCQB:CETY) has proposed terms for a downsized $10M offering and uplisting to Nasdaq.
The energy technology provider said in a filing that it is now looking at offering 2.2M shares priced between $4 and $5, which would raise around $10M if priced at the midpoint at $4.50 per share. Underwriters would be granted a 45-day option to buy up to 333K shares to cover any over-allotments.
Clean Energy shares currently trade OTC under the symbol CETY. The company hopes to uplist the shares to Nasdaq under the same symbol. It also plans to conduct a 1-for-125 reverse stock split ahead of the offering. Craft Capital Management is serving as lead bookrunner.
Based in California, Clean Energy is a provider of waste heat recovery and waste-to-energy solutions. The company also provides project management and consulting services for clean energy projects.
In July, Clean Energy indicated in a filing that it was looking to raise around $35M.
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Image and article originally from seekingalpha.com. Read the original article here.