LISHUI, China, Feb. 17, 2021 /PRNewswire/ -- CN Energy
Group. Inc. (the "Company"), a China-based manufacturer and supplier of
wood-based activated carbon and a producer of biomass electricity,
today announced that the underwriters of its initial public
offering (the "Offering") had exercised in full their option to
purchase 750,000 additional ordinary shares at a public offering
price of US$4.00 per share to cover
over-allotments.
Gross proceeds from the Offering, including proceeds from the
exercise of the over-allotment option, totaled US$23 million, before deducting underwriting
discounts and other related expenses. The Company's ordinary shares
began trading on the Nasdaq Capital Market on February 5, 2021 under the ticker symbol
"CNEY."
Proceeds from the Offering will be used to fund the construction
of a new manufacturing facility in Manzhouli City and for research
and development, working capital, and general corporate
purposes.
The Offering was conducted on a firm commitment basis. Network 1
Financial Securities, Inc. served as representative of the
underwriters for the Offering. Hunter
Taubman Fischer & Li LLC acted as counsel to the
Company, and Loeb & Loeb LLP acted as counsel to Network 1
Financial Securities, Inc. in connection with the Offering.
A registration statement on Form F-1 relating to the Offering
was filed with the Securities and Exchange Commission ("SEC") (File
Number: 333-239659) and was declared effective by the SEC on
February 4, 2021. The Offering is
being made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering may be obtained from Network 1 Financial Securities,
Inc., by email at kmu@netw1.com or standard mail to Network 1
Financial Securities, Inc., 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701. In addition, a copy of the
prospectus relating to the Offering may be obtained via the SEC's
website at www.sec.gov.
Before you invest, you should read the prospectus and other
documents the Company has filed or will file with the SEC for more
complete information about the Company and the Offering. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy any of the Company's securities, nor shall such
securities be offered or sold in the
United States absent registration or an applicable exemption
from registration, nor shall there be any offer, solicitation, or
sale of any of the Company's 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 such state or jurisdiction.
About CN Energy Group. Inc.
CN Energy Group. Inc. is a China-based manufacturer and supplier of
wood-based activated carbon and a producer of biomass electricity.
The Company also provides activated carbon related technical
services. Its wood-based activated carbon is primarily used in
pharmaceutical manufacturing, industrial manufacturing, water
purification, environmental protection, and food and beverage
production. For more information, visit the company's website at
www.cneny.com.
Forward-Looking Statements
All statements other than statements of historical fact in
this announcement are forward-looking statements, including but not
limited to, the Company's proposed Offering. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy,
and financial needs. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Global Video Media Corp
Donna Yang
Phone: (929) 366-5099
Email: info@gcw.tv
View original
content:http://www.prnewswire.com/news-releases/cn-energy-group-inc-announces-full-exercise-of-underwriters-over-allotment-option-301230363.html
SOURCE CN Energy Group. Inc.