Clean Energy Fuels Corp. Announces Closing of Initial Public Offering
May 31 2007 - 10:52AM
Business Wire
Clean Energy (NASDAQ:CLNE) today announced the closing of its
initial public offering of 10,000,000 shares of its common stock at
a price to the public of $12.00 per share. The net proceeds to the
Company from this offering of approximately $108.8 million are
expected to be used to build an LNG liquefaction plant and CNG and
LNG fueling stations, to finance the purchase of natural gas
vehicles by the Company�s customers, and for general corporate
purposes. Selling stockholders have granted the underwriters a
30-day option to purchase up to an additional 1,500,000 shares of
common stock to cover over-allotments, if any. The shares are
traded on the NASDAQ Global Market under the symbol �CLNE.� W.R.
Hambrecht + Co., LLC led the offering, which was made through WR
Hambrecht + Co�s OpenIPO auction-based process. Simmons &
Company International, Susquehanna Financial Group, LLLP, and NBF
Securities (USA) Corp. acted as co-managers of the offering. Copies
of the final prospectus relating to the offering may be obtained
from WR Hambrecht + Co at www.wrhambrecht.com, by writing to P.O.
Box 677, Berwyn, PA 19132, or by calling 1-800-673-6476. Clean
Energy is the leading provider of natural gas (CNG and LNG) for
transportation in North America. It has a broad customer base in
the refuse, transit, shuttle, taxi, trucking, airport and municipal
fleet markets with more than 13,000 natural gas vehicles fueling at
strategic locations across the United States and Canada. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy any securities of the Company, nor will 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. This release contains forward-looking
statements relating to future events and the Company�s expectations
regarding its expected use of proceeds from the offering. Although
the Company believes that such expectations are reasonable, it can
give no assurance that such expectations will prove to be correct.
Except as required by law, including U.S. securities laws and rules
of the SEC, the Company does not plan to publicly update or revise
any forward-looking statements, whether as a result of any new
information, future events or otherwise.
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