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CDTi Announces Closing Of Underwritten Public Offering Of Common Stock And Warrants

VENTURA, Calif., July 3, 2013 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company") announced today that it has closed its previously announced offering of shares and warrants (the "Offering"). The Offering was fully subscribed and the underwriter partially exercised its over-allotment option. A total of 1,730,000 shares of common stock were sold at a price of $1.245 per share and warrants to purchase up to 865,000 shares were sold at a price per warrant of $0.01, including 130,000 shares and 65,000 warrants upon partial exercise of the underwriter's over-allotment option. The warrants have an exercise price of $1.25 per share, and are exercisable immediately for a period of five years. CDTi received net proceeds from the Offering of approximately $1.7 million after deducting discounts and commissions to the underwriter and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital, general and administrative expenses, capital expenditures and implementation of its strategic priorities.

Roth Capital Partners, LLC acted as Sole Manager for the Offering.

In addition, concurrent with the Offering, CDTi converted $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 agreed to sell $100,000 of common stock to one of its directors in a private placement.

The Offering was 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 copy of the final 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 . Alternatively, a copy of the prospectus supplement and related base prospectus may 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 rothecm@roth.com.

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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