Clean Energy Technologies Announces Closing of $3.9 Million Public Offering and Uplisting to Nasdaq Capital Market
Clean Energy Technologies (CETY) recently closed a public offering of 975,000 shares at $4.00 per share, totaling $3.9 million in gross proceeds. This offering, completed on March 27, 2023, allows underwriters to purchase an additional 146,250 shares within 45 days. CETY's shares began trading on NASDAQ under the symbol "CETY" on March 23, 2023. The CEO, Kam Mahdi, expressed optimism about the uplisting to Nasdaq and its potential to enhance market visibility.
- Public offering raised $3.9 million to support growth.
- Uplisting to NASDAQ may increase visibility and investor interest.
- Potential dilution of shares due to the public offering.
COSTA MESA, CA., March 28, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia announced today the closing of its public offering of 975,000 shares of common stock at a price of
In addition, the Company has granted the underwriters an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 146,250 shares at the public offering price, less underwriting discounts and commissions. The Offering was closed on March 27, 2023 and was conducted on a firm commitment basis. The shares began trading on March 23, 2023 on NASDAQ Capital Market under the symbol “CETY”.
Craft Capital Management LLC, R.F. Lafferty & Co., Inc. acted as representatives of the underwriters for the Offering and Ninth Eternity Capital HK Limited acted as an underwriter for the Offering. The Newman Law Firm, PLLC acted as counsel to the Company, and Bevilacqua PLLC acted as counsel to Craft Capital Management LLC.
A registration statement on Form S-1 (File No. 333-266078) relating to the securities being sold in this Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on March 22, 2023. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This Offering is being made only by means of a written prospectus, forming a part of the effective registration statement. Copies of the final prospectus relating to the underwritten public offering can be obtained, when available, from: Craft Capital Management LLC, Attention: Richard Rizzuto, 377 Oak Street, Lower Concourse, Garden City, NY 11530 or via email rrizzuto@craftcm.com; R.F. Lafferty & Co., Inc., Attention: John Heidenreich, 40 Wall Street, 29th Floor, New York, NY 10005, or via email at JHeidenreich@rflafferty.com; The address of Ninth Eternity Capital HK Limited is Suite 909, 9/F, 794-802 Nathan Road, Prince Edward, Hong Kong. Ninth Eternity Capital HK Limited, a broker-dealer registered with the Hong Kong Securities and Futures Commission, is not registered with the SEC and will not make any offers or sales of the shares of common stock of the Company within the United States.
Kam Mahdi, CETY’s CEO said, “Uplisting our shares to Nasdaq is a great way to start the spring! We have been working diligently toward this goal, while continually executing on our plans to become a leader in the zero-emission world. We believe trading on Nasdaq will increase CETY’s visibility and awareness in the market. The Nasdaq Capital Market is recognized as having the highest listing standards of any exchange in the world. The Nasdaq Capital Market consists of stocks that meet Nasdaq's strictest financial and liquidity requirements and corporate governance standards. CETY is honored to be among this class of companies. I want to thank our stakeholders, partners, customers and employees, as we work expeditiously in execution of our growth strategy by expanding our clean energy solutions and technologies."
Before you invest, you should read the final 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 the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.
For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com .
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements involve inherent risks and uncertainties. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release. We are not obligated to publicly update or revise any forward-looking statement, except as required under applicable law, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
SOURCE Clean Energy Technologies, Inc.
Investor Relations Contact :
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
FAQ
What is the size of Clean Energy Technologies' public offering?
When did Clean Energy Technologies complete its public offering?
What stock symbol does Clean Energy Technologies trade under?
What is the purpose of the funds raised from the public offering?
Is there a risk of dilution for shareholders after the public offering?
