Clean Energy Technologies again revises Nasdaq up-listing terms

US renewable and energy-efficient products and solutions provider Clean Energy Technologies Inc (OTCQB:CETY) yet again reduced the number of shares it will offer in its planned Nasdaq up-listing, cutting the targeted gross proceeds to up to about USD 4.88 million (EUR 4.55m).

Under the amended terms, the recyclable energy solutions provider will place some 975,000 shares in the transaction. The expected price range remains unchanged at USD-4.00-5.00 apiece, the updated prospectus showed on Monday.

At the same time, the number of shares to be offered by insiders has been increased again to roughly 3.64 million from 2.96 million units. CETY will not receive any proceeds from the sale of those shares.

CETY originally planned to offer about 2.22 million shares of common stock in the IPO. It revised the number to just above 1.11 million in the middle of February.

Shares in CETY last traded 6.46% lower at USD 4.20 apiece on the OTCQB market. The company’s market capitalisation there stands at about USD 156 million.

(USD 1 = EUR 0.933)

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