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Clean Diesel Technologies Inc Announces Closing of Underwritten Public Offering of Common Stock and Warrants

Wednesday, 3 Jul 2013 01:34pm EDT 

Clean Diesel Technologies Inc announced that it has closed its previously announced offering of shares and warrants (the Offering). The Offering was fully subscribed and the underwriter partially exercised its over-allotment option. A total of 1,730,000 shares of common stock were sold at a price of $1.245 per share and warrants to purchase up to 865,000 shares were sold at a price per warrant of $0.01, including 130,000 shares and 65,000 warrants upon partial exercise of the underwriter's over-allotment option. The warrants have an exercise price of $1.25 per share, and are exercisable immediately for a period of five years. CDTi received net proceeds from the Offering of approximately $1.7 million after deducting discounts and commissions to the underwriter and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital, general and administrative expenses, capital expenditures and implementation of its strategic priorities. Roth Capital Partners, LLC acted as Sole Manager for the Offering. 

Company Quote

11:34am EDT