Clean Energy to Raise $35 Million in Registered Direct Offering of Common Stock and Warrants
October 29 2008 - 9:24AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE) today announced it has
entered into definitive agreements with selected institutional
investors to sell 4,419,192 units (the �Units�), with each Unit
consisting of (i) one share of its common stock, par value $0.0001
per share (the �Common Stock�), (ii) one warrant to purchase 0.75
shares of Common Stock (the �Series I Warrant�) and (iii) one
warrant (the �Series II Warrant,� and together with the Series I
Warrant, the �Warrants�) to purchase up to 0.257143 shares of
Common Stock, in a registered direct offering for gross proceeds of
approximately $35 million, before deducting placement agents� fees
and estimated offering expenses. Under the terms of the
transaction, Clean Energy will sell and the investors have agreed
to purchase approximately 4.4 million Units at the negotiated
purchase price of $7.92 per Unit. The Series I Warrant represents
the right to acquire an aggregate of up to 3,314,394 shares of
Common Stock, and is exercisable at a price of $13.50 per share,
and the Series II Warrant, which represents the right to acquire an
aggregate of up to 1,136,192 shares of Common Stock, is exercisable
at a price of $0.01 per share. The closing of the offering is
expected to take place on Monday, November 3rd, 2008, subject to
the satisfaction of customary closing conditions. Lazard Capital
Markets LLC served as the lead placement agent and W.R. Hambrecht +
Co., LLC served as the co-placement agent for the offering. The
Company currently intends to use the net proceeds from this
offering for working capital and other general corporate purposes,
which may include capital expenditures related to its LNG plant in
California, station construction activities, and future
acquisitions. The Common Stock and Warrants described above are
being offered by the Company only by means of a prospectus. Copies
of the final prospectus supplement and accompanying base prospectus
relating to this offering can be obtained at the SEC�s website at
http://www.sec.gov or from Lazard Capital Markets LLC at 30
Rockefeller Plaza, 60th Floor, New York, NY 10020. A shelf
registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on July 29,
2008. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, 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. Clean Energy (Nasdaq: CLNE) 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,
ports, shuttle, taxi, trucking, airport and municipal fleet
markets, fueling more than 14,000 vehicles daily at over 170
strategic locations across the United States and Canada. Clean
Energy del Peru, Clean Energy�s Peruvian joint venture, operates
the world�s largest natural gas vehicle fueling station in Lima,
Peru. Please visit www.cleanenergyfuels.com. Forward-Looking
Statements This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve
risks, uncertainties and assumptions. Actual results and the timing
of events could differ materially from those anticipated in these
forward-looking statements. The forward-looking statements made
herein speak only as of the date of this press release and the
company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jul 2023 to Jul 2024