November 24 (Renewables Now) - US renewable and energy efficient products and solutions provider Clean Energy Technologies Inc (OTCQB:CETY), which currently trades on the OTC Markets, has set the terms of its planned up-listing on the Nasdaq stock exchange, seeking to raise up to USD 11.1 million (EUR 10.6m) in the initial public offering (IPO).
The Costa Mesa, California-based firm will be placing about 2.22 million shares of common stock in the transaction and expects the units to be priced between USD 4 and USD 5 apiece. Some 333,333 more shares have been provided for over-allotments, if any.
At the same time, certain insiders, such as Mast Hill Fund LP, Universal Scope Inc and Jefferson Street Capital LLC, will be selling just above 1.76 million shares in the IPO. CETY will not receive any proceeds from the sale of shares by the selling shareholders.
Craft Capital Management has been tapped as the sole underwriter for the IPO.
Shares in the US recyclable energy solutions provider last traded at USD 0.04 apiece on the OTCQB market. The company’s market capitalisation there tops USD 59 million.
CETY offers heat recovery solutions, combined heat-to-power and waste-to-energy products as well as engineering and manufacturing solutions for small and mid-sized projects in North America, Europe and Asia. It claims to deliver power from heat and biomass with zero emission and low cost.