Clean Energy Technologies (CETY) Announces Plans To List Its Shares On NASDAQ
Clean Energy Technologies, Inc. (CETY) has announced plans to uplist its shares to NASDAQ, aiming for increased visibility and access to capital. CEO Kam Mahdi emphasized that this strategic move is crucial for growth opportunities. Uplisting requires a concurrent equity financing to strengthen the balance sheet and a reverse stock split to meet NASDAQ's minimum trading price. The company has engaged Craft Capital as the lead underwriter for a public offering, pending regulatory approvals. Success depends on satisfying NASDAQ's listing requirements, with no guarantees of approval.
- Plans to uplist to NASDAQ for increased visibility and institutional investor interest.
- Engaged Craft Capital as lead underwriter for public offering.
- Requires concurrent equity financing, indicating potential cash flow issues.
- Reverse stock split necessary to meet NASDAQ requirements could deter some investors.
- Listing approval is uncertain, posing a risk to the uplisting strategy.
Consistent with Long-Term Strategic Plan, Uplisting Will Increase Capital Market Visibility and Enhance Access to Growth Capital
Costa Mesa, California, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (OTCQB:CETY) (“CETY” or the “Company”) a clean energy company offering products and solutions in the renewable and energy efficiency markets announced today that the Company has initiated necessary actions to list its shares on the NASDAQ Stock Market (“NASDAQ”) under the anticipated symbol “CETY.”
“The Board of Directors and management are pleased to announced plans to uplist our shares to the NASDAQ Stock Market,” said Kam Mahdi, CEO of Clean Energy Technologies. “We believe the uplisting will provide several key strategic benefits that will serve the best interest of all our shareholders at a time when the Company is poised for growth.”
By up-listing to NASDAQ, the Company believes it will gain visibility in the capital markets and allow for increased sponsorship from worldwide institutional investors as well as increased liquidity in the trading volume in our stock. By improving capital market access for existing and prospective investors and increasing the ability to raise the capital to drive growth, the move to a national market will bring significant value to the Company. The requirements necessary to complete the uplisting include, but not limited to, the following:
- Concurrent Equity Financing to Strengthen the Balance Sheet
The Company must have sufficient cash to support operations and meet the minimum stockholders’ equity requirement as a condition of the uplisting. Raising the required capital concurrently will significantly improve the strength of the Company’s balance sheet.
- Reverse Stock Split
In order to meet the minimum trading price and other requirements necessary for listing on a national exchange, a reverse split will be affected. This split combined with the planned uplisting should make CETY’s stock more attractive to investors that may have been prohibited from purchasing them on lower exchanges.
“This is an historic and important time at the Company. I believe that we are positioned to accelerate revenue opportunities on multiple fronts, and this move to the NASDAQ is a key element of the overall growth strategy,” Mahdi went on to say.
The Company has engaged Craft Capital as lead underwriter in the proposed public offering of the Company’s common stock. The listing of the Company’s common stock on NASDAQ remains subject to the approval of the exchange, approval from FINRA and the satisfaction of all applicable listing requirements. While the Company is not currently aware of any issues, there can be no assurance that the Company will satisfy all applicable requirements for listing its common stock on NASDAQ or that the Company’s application to list its common stock will be approved. The public offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
A registration statement on Form S-1 relating to the proposed public offering has been filed with the Securities Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. When available, a written prospectus for the offering meeting the requirements of section 10 of the Act (other than a free writing prospectus as defined in Rule 405) may be obtained from Craft Capital Management LLC 377 Oak St #402, Garden City, NY 11530.
This press release does not constitute an offer to sell or the solicitation to of an offer to buy these securities, 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.
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 CycleTM 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 LNG trading operations in China is to source and supply LNG to industries and municipalities located in the southern part of Sichuan Province and portions of Yunnan Province.
CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com .
Communications Not Deemed a Prospectus (Rule 134)
A written communication that complies with Rule 134 is not considered to be a “prospectus.” Under Rule 134, press releases have the benefit of the safe harbor if they only contain, among other items enumerated in the rule, factual information about the legal identity and business location of the company and a brief indication of the general type of business of the company; information with respect to the securities being offered, the title, amount being offered, any listing, assigned or expected ratings, and the price, maturity, interest and yield (or bona fide estimates thereof). To the extent the information is included in a registration statement filed with the SEC, a press release under Rule 134 may also include the type of underwriting, names of underwriters, names of selling securityholders and a brief description of the intended use of proceeds of the offering. A Rule 134 communication also is required to include a legend unless accompanied or preceded by a Section 10-compliant prospectus or indicates where a Section 10-compliant prospectus may be obtained.
DISCLAIMER
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
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
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