Key Developments For China Integrated Energy, Inc.
China Integrated Energy, Inc. (CBEH.O) (Consolidated Issue listed on NASDAQ Capital Market)
China Integrated Energy, Inc. Announces Closing of Over-Allotment Option
China Integrated Energy, Inc. announced that it has closed the sale of an additional 750,000 shares of common stock at the public offering price of $5.75 per share, pursuant to the over-allotment option exercised in full by the underwriter in connection with its public offering. The exercise of the over-allotment option brings the total number of shares sold by the Company in this public offering to 5,750,000 and total net proceeds of the public offering of approximately $31 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes. Oppenheimer & Co. acted as sole book-running manager for the offering.
China Integrated Energy, Inc. Reiterates FY 2009 Outlook
China Integrated Energy, Inc. reiterated its fiscal 2009 outlook and expects to report calendar 2009 sales of at least $265 million and net income of at least $35 million. According to Reuters Estimates, analysts were expecting the Company to report net profit of $35 million for the same period.
China Integrated Energy, Inc. Announces Closing Of Public Offering Of Five Million Shares Of Common Stock
China Integrated Energy, Inc. announced that the closing of its public offering of 5,000,000 shares of its common stock. The Company received net proceeds of approximately $26.9 million from the offering, after deducting underwriting discounts and commission and estimated offering expenses. The Company has granted the underwriters an option to purchase up to an additional 750,000 shares of common stock to cover over-allotments. The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes. Oppenheimer & Co. acted as sole book-running manager for the offering. Cowen and Company and Roth Capital Partners acted as co-managers for the offering.
China Integrated Energy, Inc. Announces Pricing of Public Offering of Five Million Shares of Common Stock
China Integrated Energy, Inc. announced that its public offering of 5,000,000 shares of common stock was priced at $5.75 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock. Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $26.9 million. The offering is expected to close on November 4, 2009. The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes. Oppenheimer & Co. acted as sole book-running manager for the offering.
China Integrated Energy, Inc. Raises FY 2009 Outlook; Announces Eight Million Share Public Follow On Offering
China Integrated Energy, Inc. raised its fiscal 2009 outlook and expects sales of at least $265 million with net income of at least $35 million. This compares to previously issued sales and net income outlook of $240.7 million and $33.7 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $249 million and net profit of $30 million for the same period. The Company also announced that it intends to offer 8,000,000 shares of the Company's common stock. The Company intends to grant to the underwriters an option to purchase up to 1,200,000 additional shares of the Company's common stock to cover over-allotments, if any. The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes than what it currently intends. Oppenheimer & Co. will act as the sole book-running manager for the offering.
