Aduro Clean Technologies Announces Filing of Registration Statement in Connection with Proposed Initial Public Offering in the United States
July 23 2024 - 7:00AM
UK Regulatory
Aduro Clean Technologies Announces Filing of Registration Statement
in Connection with Proposed Initial Public Offering in the United
States
LONDON, Ontario, July 23, 2024 (GLOBE NEWSWIRE)
-- Aduro Clean Technologies Inc. (“Aduro” or the
“Company”) (CSE: ACT) (OTCQX:
ACTHF) (FSE: 9D50), a Canadian
technology company using the power of chemistry to transform lower
value feedstocks, like waste plastics, heavy bitumen, and renewable
oils, into resources for the 21st century, is pleased to
announce that it has publicly filed a registration statement on
Form F-1 with the Securities and Exchange Commission (the
“SEC”) relating to a proposed initial public
offering of its common shares in the United States (the
“Offering”).
In connection with the Offering, Aduro has also
applied to list its common shares on the NYSE American exchange
(“NYSE”). The number of shares to be offered and
the offering price for the Offering have not yet been determined.
The Offering is expected to take place after the SEC completes its
review process, subject to market and other customary conditions,
and there can be no assurance as to whether or when the Offering
may be completed, as to the actual size or terms of the Offering,
or whether the common shares will be accepted for trading on the
NYSE.
EF Hutton LLC is acting as sole book-running
manager for proposed Offering.
The proposed Offering will be made pursuant to a
prospectus. Copies of the preliminary prospectus related to the
Offering, when available, may be obtained on the SEC’s website,
www.sec.gov, or upon request from: EF Hutton LLC, 590 Madison
Avenue, 39th Floor, New York, NY 10022.
In addition to, and in preparation for, the new
listing on NYSE, and subject to approval by the Canadian Securities
Exchange (the “CSE”), Aduro will undertake a
consolidation of its issued and outstanding common shares at a
consolidation ratio to be determined in the coming weeks.
A registration statement relating to the
proposed Offering has been filed with the SEC but has not yet
become effective. Securities offered under the registration
statement may not be sold, nor may offers to buy be accepted, prior
to the time the registration statement becomes effective. This
press release does not constitute an offer to sell, or a
solicitation of an offer to buy any securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any offers, solicitations or offers to buy, or any
sales of securities will be made in accordance with the
registration requirements of the Securities Act or 1933, as
amended.
The common shares of the proposed Offering
referenced above are not being offered to residents of Canada or
persons in Canada. The common shares are being sold based on
prospectus exemptions under applicable Canadian securities laws,
and on the basis that the securities will not be distributed back
into Canada.
About Aduro Clean
Technologies
Aduro Clean Technologies is a developer of
patented water-based technologies to chemically recycle waste
plastics; convert heavy crude and bitumen into lighter, more
valuable oil; and transform renewable oils into higher-value fuels
or renewable chemicals. The Company’s Hydrochemolytic™ technology
relies on water as a critical agent in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into resources for the
21st century.
For further information, please
contact:
Ofer Vicus, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
Forward-Looking
Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future, are forward-looking statements. The forward-looking
statements reflect management’s current expectations based on
information currently available and are subject to a number of
risks and uncertainties that may cause outcomes to differ
materially from those discussed in the forward-looking statements.
In this release, the forward looking statements include, but are
not limited to, the proposed initial public offering of the
Company’s common shares in the United States, the registration of
the Company’s common shares with the SEC; a listing of the
Company’s common shares on the NYSE; and the implementation and
details of the consolidation. Although the Company believes that
the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, undue reliance should not be put on
such statements due to their inherent uncertainty. Important
factors that could cause actual results to differ materially from
the Company’s expectations include, but are not limited to,
regulatory filings may not be filed or approved on a timely basis,
or at all; the Company’s common shares may not be accepted for
registration by the SEC on a timely basis, or at all; the Company
may not proceed with the initial public offering of the Company’s
common shares in the United States or a listing of the Company’s
common shares on the NYSE on a timely basis, or at all; the Company
may not implement the consolidation on a timely basis, or at all;
that the Company may fail to commercialize its technology or that
its technology may not be accepted commercially, for various
reasons; and that other unexpected adverse market conditions may
negatively affect the Company and its progress, including various
other factors beyond the control of the parties. The Company
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether because of new information,
future events, or otherwise, except as required by applicable
law.
The Canadian Securities Exchange (operated by
CNSX Markets Inc.) has neither approved nor disapproved of the
contents of this press release.
![PR119 F1 IPO NYSE](https://ml.globenewswire.com/Resource/Download/1ee54ee8-d974-46bc-8456-fe05c8384903/pr119-f1-ipo-nyse.png)
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ee54ee8-d974-46bc-8456-fe05c8384903
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