Clean Energy Technologies ( OTCQB:CETY ) has filed to conduct an $35M public offering and uplist its shares to Nasdaq.
In a recent filing , Clean Energy didn’t specify the number and price of the shares to be offered, but indicated in a filing fee schedule that it would be seeking to raise up to $35M. Craft Capital is serving as bookrunner on the deal.
Clean Energy’s shares are currently traded OTC under the symbol CETY. It intends to uplist its shares to Nasdaq and may conduct a reverse stock split to meet Nasdaq’s listing requirements.
The company added that certain selling shareholders intend to offer up to 55M shares, which the fee schedule indicated could raise up to $46M. The company will not receive any proceeds from that sale.
Clean Energy has developed a technology called Clean Cycle that is used to recycle heat produced by manufacturing and power generation. It also provides technology to convert waste products into electricity, renewable natural gas, hydrogen and bio char. The company’s Hong Kong unit, CETY HK, is engaged in supplying LNG in mainland China and has a joint venture with state-owned Shenzhen Gas.
Clean Energy reported a net income of $279K on sales of $1.3M for 2021.
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Clean Energy Technologies files for $35M offering, Nasdaq uplisting