November 24 (Renewables Now) – US renewable and power environment friendly merchandise and options supplier Clear Power Applied sciences Inc (OTCQB:CETY), which presently trades on the OTC Markets, has set the phrases of its deliberate up-listing on the Nasdaq inventory change, looking for to lift as much as USD 11.1 million (EUR 10.6m) within the preliminary public providing (IPO).
The Costa Mesa, California-based agency will probably be inserting about 2.22 million shares of widespread inventory within the transaction and expects the items to be priced between USD 4 and USD 5 apiece. Some 333,333 extra shares have been supplied for over-allotments, if any.
On the identical time, sure insiders, corresponding to Mast Hill Fund LP, Common Scope Inc and Jefferson Avenue Capital LLC, will probably be promoting simply above 1.76 million shares within the IPO. CETY won’t obtain any proceeds from the sale of shares by the promoting shareholders.
Craft Capital Administration has been tapped as the only real underwriter for the IPO.
Shares within the US recyclable power options supplier final traded at USD 0.04 apiece on the OTCQB market. The corporate’s market capitalisation there tops USD 59 million.
CETY affords warmth restoration options, mixed heat-to-power and waste-to-energy merchandise in addition to engineering and manufacturing options for small and mid-sized tasks in North America, Europe and Asia. It claims to ship energy from warmth and biomass with zero emission and low value.
(USD 1 = EUR 0.958)