Clean Energy Fuels Announces Pricing of Common Stock Offering
November 11 2010 - 8:42AM
Business Wire
Clean Energy (Nasdaq: CLNE) today announced the pricing of its
public offering of 3,000,000 shares of its common stock at a price
of $13.25 per share. Of the shares, an aggregate of 50,068 shares
were purchased by certain Clean Energy executive officers at a
price of $14.48 per share (the consolidated closing bid price of
Clean Energy’s common stock on the NASDAQ Global Market on November
10, 2010). Clean Energy has granted the underwriters a 30-day
option to purchase up to an additional 450,000 shares of its common
stock. The offering is expected to close on November 16, 2010,
subject to the satisfaction of customary closing conditions.
Clean Energy intends to use the net proceeds from the offering,
after deducting underwriting discounts and Clean Energy’s estimated
expenses related to the offering, for working capital and other
general corporate purposes, which may include capital expenditures
related to station construction activities, its LNG plants and its
biomethane production plant, future payments due in connection with
its purchase of the business of I.M.W. Industries Ltd. or future
acquisitions of natural gas fueling infrastructure, vehicle or
services businesses and biomethane production assets, including the
potential acquisition of Wyoming Northstar Incorporated.
BofA Merrill Lynch is acting as sole book-running manager for
the offering. Craig-Hallum Capital Group is acting as co-manager of
the offering.
The offering is being made under Clean Energy’s effective shelf
registration statement filed with the Securities and Exchange
Commission (SEC). Clean Energy will file with the SEC a prospectus
supplement for the offering to which this communication relates.
Prospective investors should read the prospectus supplement and the
shelf registration statement for more complete information about
Clean Energy and the offering. Copies of the prospectus supplement
and the accompanying prospectus, when available, may be obtained by
visiting EDGAR on the SEC’s Web site at http://www.sec.gov from
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080,
Attn: Prospectus Department or e-mail
dg.prospectus_requests@baml.com.
This press release does not constitute a solicitation of an
offer to buy, or an offer to sell, shares of common stock, 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 of the shares under the
securities laws of any such state or jurisdiction.
About Clean Energy Fuels
Clean Energy is the largest provider of natural gas fuel for
transportation in North America and a global leader in the
expanding natural gas vehicle market. It has operations in CNG and
LNG vehicle fueling, construction and operation of CNG and LNG
fueling stations, biomethane production, vehicle conversion and
compressor technology.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of federal securities laws. Clean Energy cautions you
that any statements contained in this press release that are not
strictly historical statements constitute forward-looking
statements. Such forward-looking statements include, but are not
limited to, those related to: statements regarding the offering and
the use of the net proceeds from the offering. These
forward-looking statements are neither promises nor guarantees and
involve risks and uncertainties that could cause actual results to
differ materially from such forward-looking statements. Factors
that could cause actual events to differ materially from those
predicted in such forward-looking statements include market
conditions and potential fluctuations in the price of Clean
Energy’s common stock. Additional factors that could cause actual
events to differ from those predicted in such forward-looking
statements are identified in the preliminary prospectus supplement
and Clean Energy’s other filings with the SEC that are incorporated
by reference into the preliminary prospectus supplement, including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2009 and its Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2010, each of which is filed with the
SEC (copies of which may be obtained at the SEC’s website at:
http://www.sec.gov). Readers should not place undue reliance on any
such forward-looking statements, which speak only as of the date
they are made. Clean Energy disclaims any obligation to publicly
update or revise any such statements to reflect any change in its
expectations, or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements.
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