LISHUI, China, Jan. 30,
2023 /PRNewswire/ -- CN Energy Group. Inc.
(NASDAQ: CNEY) ("CNEY", or the "Company") today announced the
pricing of an underwritten public offering with gross proceeds to
the Company expected to be approximately $10
million, before deducting underwriting discounts and other
expenses payable by the Company. The offering consists of
18,183,274 units/pre-funded units consisting of (a) one Class A
ordinary share (or one pre-funded warrant to purchase one Class A
ordinary share in lieu thereof) and (b) one warrant to purchase one
Class A ordinary share (the "Warrants") at a price to the public of
$0.55 per Class A ordinary share and
Warrant (or $0. 5499 per
pre-funded warrant and Warrant after reducing $0.0001 attributable to the exercise price of the
pre-funded warrants). In addition, the Company has granted the
underwriter in the offering a 45-day option to purchase up to an
additional 15% of ordinary shares and/or Warrants at the public
offering price, less underwriting discounts and commissions, to
cover over-allotments in connection with the offering. The Company
intends to use the net proceeds from this offering for general
corporate purposes, including, but not limited to, working
The offering is expected to close on February 01, 2023, subject to the satisfaction of
customary closing conditions.
Aegis Capital Corp. is acting as sole book-running manager
for the proposed public offering.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (No. 333-264579) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective by the SEC on June
13, 2022. The securities may be offered only by means of a
prospectus supplement and accompanying prospectus relating to the
offering that form a part of the registration statement. A
preliminary prospectus supplement and the accompanying prospectus
relating to and describing the terms of the offering were filed
with the SEC and are available on the SEC's website at
http://www.sec.gov. Electronic copies of the prospectus supplement
may be obtained, when available, by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by
email at firstname.lastname@example.org, or by telephone at (212) 813-1010.
Before investing in this offering, interested parties should read
in their entirety the prospectus supplement and the accompanying
prospectus and the other documents that the Company has filed with
the SEC that are incorporated by reference in such prospectus
supplement and the accompanying prospectus, which provide more
information about the Company and such offering.
The final terms of the offering will be disclosed in a final
prospectus supplement to be filed with the SEC.
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 offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on NASDAQ under the
symbol of CNEY. With patented proprietary bioengineering and
physiochemical technologies, CNEY has pioneered and specialized in
producing high-quality recyclable activated carbon and renewable
energy from abandoned forest and agricultural residues, converting
harmful wastes into invaluable wealth and delivering significant
financial, economic, environmental, and ecologic benefits.
CENY's products and services have been widely used by food and
beverage producers, industrial and pharmaceutical manufacturers, as
well as environmental protection enterprises. For more information,
please visit the Company's website at www.cneny.com.
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, including statements regarding the satisfaction of
customary closing conditions related to the offering, sale of
securities and our ability to complete the offering. 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 refer to its
filings with SEC, including without limitation, Company's
registration statements and other filings with the SEC that set
forth certain risks and uncertainties that may have an impact on
future results and directions of the Company.
SOURCE CN Energy Group. Inc.