Aduro Clean Technologies Announces Partial Exercise of Over-Allotment Option
Aduro Clean Technologies has announced the partial exercise of an over-allotment option in its U.S. public offering, with underwriters purchasing an additional 100,000 common shares at US$4.25 per share. The total offering now comprises 1,041,177 common shares, generating gross proceeds of approximately US$4.43 million.
The company's shares began trading on The Nasdaq Capital Market on November 7, 2024, under the ticker symbol 'ADUR'. The net proceeds will be used for research and development, construction of a 'Next Generation Process' unit, and general corporate purposes. Craft Capital Management served as the lead underwriter, with D. Boral Capital as co-underwriter.
Aduro Clean Technologies ha annunciato l'esercizio parziale di un'opzione di sovrallocazione nella sua offerta pubblica negli Stati Uniti, con i sottoscrittori che hanno acquistato ulteriori 100.000 azioni ordinarie a 4,25 USD per azione. L'offerta totale ora comprende 1.041.177 azioni ordinarie, generando proventi lordi per circa 4,43 milioni di USD.
Le azioni della società hanno iniziato a essere scambiate sul Nasdaq Capital Market il 7 novembre 2024, con il simbolo 'ADUR'. I proventi netti saranno utilizzati per ricerca e sviluppo, costruzione di un'unità 'Next Generation Process' e scopi aziendali generali. Craft Capital Management ha servito come principale sottoscrittore, con D. Boral Capital come co-sottoscrittore.
Aduro Clean Technologies ha anunciado el ejercicio parcial de una opción de sobreasignación en su oferta pública en EE. UU., con los suscriptores comprando 100,000 acciones ordinarias adicionales a 4.25 USD por acción. La oferta total ahora comprende 1,041,177 acciones ordinarias, generando ingresos brutos de aproximadamente 4.43 millones de USD.
Las acciones de la compañía comenzaron a cotizar en el Nasdaq Capital Market el 7 de noviembre de 2024, bajo el símbolo 'ADUR'. Los ingresos netos se utilizarán para investigación y desarrollo, construcción de una unidad 'Next Generation Process' y propósitos corporativos generales. Craft Capital Management fue el suscriptor principal, con D. Boral Capital como co-suscriptor.
Aduro Clean Technologies는 미국에서의 공공 제공에서 초과 배정 옵션을 부분적으로 행사했다고 발표했으며, 인수인들은 주당 4.25 달러에 추가로 100,000주의 보통주를 구매했습니다. 전체 제공 주식 수는 이제 1,041,177주로 증가하며, 약 443만 달러의 총 수익을 생성합니다.
회사의 주식은 2024년 11월 7일에 'ADUR'라는 티커 기호로 Nasdaq Capital Market에서 거래를 시작했습니다. 순 수익금은 연구 및 개발, '차세대 프로세스' 유닛의 건설 및 일반 기업 목적에 사용될 예정입니다. Craft Capital Management는 주요 인수인으로, D. Boral Capital은 공동 인수인으로 활동했습니다.
Aduro Clean Technologies a annoncé l'exercice partiel d'une option de surallocation dans le cadre de son offre publique aux États-Unis, les souscripteurs ayant acheté 100 000 actions ordinaires supplémentaires à 4,25 USD par action. L'offre totale comprend désormais 1 041 177 actions ordinaires, générant des produits bruts d'environ 4,43 millions USD.
Les actions de la société ont commencé à se négocier sur le Nasdaq Capital Market le 7 novembre 2024, sous le symbole 'ADUR'. Les produits nets seront utilisés pour la recherche et le développement, la construction d'une unité 'Next Generation Process' et des fins corporatives générales. Craft Capital Management a agi en tant que principal souscripteur, avec D. Boral Capital comme co-souscripteur.
Aduro Clean Technologies hat die teilweise Ausübung einer Überallotierungsoption im Rahmen ihres öffentlichen Angebots in den USA angekündigt, wobei die Underwriter zusätzlich 100.000 Stammaktien zu je 4,25 USD pro Aktie erworben haben. Das Gesamtangebot umfasst nun 1.041.177 Stammaktien, die einen Bruttoertrag von etwa 4,43 Millionen USD generieren.
Die Aktien des Unternehmens begannen am 7. November 2024 unter dem Tickersymbol 'ADUR' an der Nasdaq Capital Market zu handeln. Die Nettoerlöse werden für Forschung und Entwicklung, den Bau einer Einheit 'Next Generation Process' und allgemeine Unternehmenszwecke verwendet. Craft Capital Management fungierte als Hauptunterwriter, während D. Boral Capital als Co-Underwriter fungierte.
- Successfully raised US$4.43 million in gross proceeds through public offering
- Achieved Nasdaq listing under symbol ADUR
- Secured additional capital through over-allotment option exercise
- Potential shareholder dilution from new share issuance
Insights
The partial exercise of the over-allotment option represents a significant financial development for Aduro Clean Technologies. The company has secured additional
The successful listing on Nasdaq (ADUR) and completion of this public offering enhances the company's visibility and access to capital markets. The involvement of established underwriters like Craft Capital Management and D. Boral Capital adds credibility to the offering. However, investors should note that the partial exercise of the over-allotment option, rather than full exercise, might suggest moderate institutional demand for the shares.
Aduro's Hydrochemolytic™ technology represents an innovative approach in the waste-to-value sector. Their water-based chemical recycling process operates at lower temperatures than conventional methods, potentially offering significant cost and energy efficiency advantages. The technology's versatility in handling multiple feedstocks - from waste plastics to heavy crude and renewable oils - positions the company well in the growing circular economy market.
The secured funding will accelerate the development of their "Next Generation Process" unit, a important step in commercializing their technology. This advancement could potentially bridge the gap between laboratory success and industrial-scale implementation, which is often a critical challenge for clean technology companies.
LONDON, Ontario, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced that the underwriters of its underwritten U.S. public offering (the “Offering”) have partially exercised their over-allotment option to purchase an additional 100,000 common shares at the public offering price of US
Aduro expects to use the net proceeds from the Offering for ongoing research and development costs, expenditures related to the construction of its "Next Generation Process" unit and the remainder (if any) for general corporate purposes and working capital.
Craft Capital Management LLC acted as the representative of the underwriters, and D. Boral Capital LLC (formerly known as EF Hutton LLC) acted as the co-underwriter for the Offering.
The common shares of the Offering referenced above were not offered to residents of Canada or persons in Canada.
A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-280955), as amended, and was declared effective by the SEC on October 29, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Craft Capital Management LLC by email at info@craftcm.com, by standard mail to 377 Oak St, Lower Concourse, Garden City, NY 11530, or by telephone at +1 (800) 550-8411; or from D. Boral Capital LLC (formerly known as EF Hutton LLC) by email at syndicate@dboralcapital.com, by standard mail to 590 Madison Ave 39th floor, New York, NY 10022, or by telephone at +1 (212) 970-5150. In addition, copies of the final prospectus relating to the Offering, may be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.
For further information, please contact:
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding its anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the exercise of the over-allotment option, or factors that result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company’s Registration Statement on Form F-1 related to the public offering (SEC File No. 333-280955). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law, including the securities laws of the United States and Canada.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d6aad90-88b9-478a-a82b-81c7e3e94713
FAQ
How much did Aduro Clean Technologies (ADUR) raise in their public offering?
When did Aduro Clean Technologies (ADUR) begin trading on Nasdaq?
What will Aduro Clean Technologies use the proceeds for?
