CDTi to Raise Approximately $6.9 Million
April 01 2014 - 8:38AM
Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the
"Company") today announced that it is raising approximately $6.9
million in gross proceeds in an offering of 2,030,000 shares of its
common stock and warrants to purchase up to 812,000 shares of
common stock at a combined price to the public of $3.40 per share
and related warrant. The warrants are exercisable after six months
from the date of issuance at an exercise price of $4.20 per share
and will expire, unless exercised, five and a half years from the
date of issuance.
The net proceeds from the sale of the shares and the related
warrants, after deducting the placement agent fees and other
estimated offering expenses payable by CDTi, will be approximately
$6.1 million, which does not include any potential proceeds from
the cash exercise of any warrants. CDTi intends to use the net
proceeds from this offering (including any resulting from the
exercise of the warrants, if any) for general corporate purposes,
including, but not limited to, working capital, general and
administrative expenses, capital expenditures and implementation of
strategic priorities.
Roth Capital Partners and Craig-Hallum Capital Group served as
placement agents. The offering is expected to close on April 4,
2014, subject to customary closing conditions.
The shares and warrants described above are being offered by
CDTi pursuant to a registration statement previously filed with and
subsequently declared effective by the Securities and Exchange
Commission. A prospectus supplement relating to the offering has
been filed with the SEC and will be available on the SEC's website
at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of 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. Copies of the
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from Roth Capital Partners, 888 San
Clemente Drive, Newport Beach, CA 92660, (800) 678-9147 or by
accessing the SEC's website at www.sec.gov.
About CDTi
CDTi is a global manufacturer and distributor of emissions
control systems and products, focused on the heavy duty diesel and
light duty vehicle markets. CDTi is headquartered in Ventura,
California and currently has operations in the U.S., the U.K.,
Canada, France, Japan and Sweden.
Forward-Looking Statements
Certain statements included in this press release are intended
as "forward-looking statements." These statements include
assumptions, expectations, predictions, intentions or beliefs about
future events, particularly the consummation of the transactions
described above. The Company cautions that actual
future results may vary materially from those expressed or implied
in any forward-looking statements. Specifically, the Company cannot
assure you that the proposed transactions described above will be
consummated on the terms the Company currently contemplates, if at
all. Information concerning these and other factors can be
found in the Company's filings with the SEC, including its Forms
10-K, 10-Q and 8-K, which can be obtained free of charge on the
SEC's web site at http://www.sec.gov.
Any forward-looking statements made in this press release speak
only as of the date of this release and, except as required by law,
the Company undertakes no obligation to update any forward-looking
statement contained in this press release, even if the Company's
expectations or any related events, conditions or circumstances
change. The Company is not responsible for any changes made to this
release by wire or Internet services.
CONTACT: Kevin M. McGrath
Cameron Associates, Inc.
Tel: +1 (212) 245-4577
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