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 capital.
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 syndicate@aegiscap.com, 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 jurisdiction.
