VENTURA, Calif., June 28, 2013 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company") today announced the pricing of its previously announced underwritten public offering with gross proceeds to the Company expected to be approximately $2 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The public offering is expected to close on or about July 3, 2013, subject to the satisfaction of customary closing conditions.
The Company anticipates using the net proceeds from the public offering for working capital and other general corporate purposes.
The public offering consists of 1,600,000 shares of common stock at a per share price of $1.245 and warrants to purchase 800,000 shares of common stock at a per warrant price of $0.005 with an exercise price of $1.25 per share. The Company has also granted to the underwriter a 30-day option to acquire up to an additional 240,000 shares of common stock and/or up to an additional 120,000 warrants to cover overallotments in connection with the offering. The warrants will be immediately exercisable by the holders for up to five years.Roth Capital Partners, LLC is acting as Sole Manager for the public offering. In addition, CDTi has agreed to concurrently convert $235,000 of principal and interest due June 30, 2013, pursuant to loans made to the Company by one of its principal lenders and largest shareholders, to common stock and warrants, and to sell $100,000 of common stock to one of its directors in a private placement. The public offering will be made pursuant to a shelf registration statement on Form S-3, including a base prospectus dated May 21, 2012, previously filed and declared effective by the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and related base prospectus may also be obtained from Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach, CA 92660, or by telephone at (800) 678-9147, or by e-mail at firstname.lastname@example.org. Before you invest in the public offering, you should read the prospectus in that registration statement and related prospectus supplements and other documents that the Company has filed or will file with the SEC for more complete information about the issuer and the public offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a preliminary prospectus supplement and accompanying prospectus as indicated above. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
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