China Recycling Energy Corporation Announces Closing of $1.88 Million Registered Direct Offering
April 17 2019 - 4:05PM
China Recycling Energy Corporation (Nasdaq: CREG) (“CREG” or “the
Company”), a leading industrial waste-to-energy solution provider
in China, today announced the closing of its previously announced
registered direct offering of 2,359,272 shares of its common stock,
at a purchase price of $0.80 per share, for gross proceeds of
approximately $1.88 million. Additionally, CREG has issued to the
investors unregistered warrants to purchase up to 1,769,454 shares
of common stock. The warrants have an exercise price of $0.9365 per
share, are exercisable commencing six months following the issuance
date and will expire five and one-half years from the issuance
date.
H.C. Wainwright & Co. acted as the
exclusive placement agent for the offering.
The net proceeds of the offering and the private
placement are estimated to be approximately $1.67 million, after
deducting placement agent fees and other estimated offering
expenses. CREG intends to use the net proceeds for working capital
and general corporation purposes.
The shares of common stock (but not the warrants
or the shares of common stock underlying the warrants) were offered
and sold by CREG pursuant to a “shelf” registration statement on
Form S-3 that was filed and declared effective by the
Securities and Exchange Commission (“SEC”) and the base prospectus
contained therein (File No. 333-221868). A final prospectus
supplement and accompanying base prospectus relating to the
securities being offered have been filed with the SEC and are
available on the SEC’s website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue,
3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail
at placements@hcwco.com.
The warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Act”), and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Act, or applicable
state securities laws. Accordingly, the warrants and underlying
shares of common stock may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About China Recycling Energy Corp.
China Recycling Energy Corporation (Nasdaq:
CREG) (“CREG” or “the Company”) is based in Xi'an, China and
provides environmentally friendly waste-to-energy technologies to
recycle industrial byproducts for steel mills, cement factories and
coke plants in China. Byproducts include heat, steam, pressure, and
exhaust to generate large amounts of lower-cost electricity and
reduce the need for outside electrical sources. The Chinese
government has adopted policies to encourage the use of recycling
technologies to optimize resource allocation and reduce pollution.
Currently, recycled energy represents only an estimated 1 percent
of total energy consumption and this renewable energy resource is
viewed as a growth market due to intensified environmental concerns
and rising energy costs as the Chinese economy continues to expand.
The management and engineering teams have over 20 years of
experience in industrial energy recovery in China. For more
information about CREG, please visit
http://creg-cn.investorroom.com.
Safe Harbor Statement
This press release may contain certain
“forward-looking statements” relating to the business of CREG and
its subsidiary companies. All statements, other than statements of
historical fact included herein are “forward-looking statements.”
These forward-looking statements are often identified by the use of
forward-looking terminology such as “believes,” “expects” or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including, but not limited to, the risks and uncertainties
discussed in the Company's annual and periodic reports that are
filed with the Securities and Exchange Commission and available on
its website at http://www.sec.gov. All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For more information, please contact:
Adeline Gu, Chief Financial OfficerChina Recycling Energy
Corp.Tel: +86- 139 9287 0723Email: gugreg@hotmail.com
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