CN Energy Group. Inc. Announces Closing of $10 Million Underwritten Public Offering

About this update from Cn Energy Group Inc.

[{"type":"text","content":"LISHUI, China, Feb. 1, 2023 /PRNewswire/ -- CN Energy Group. Inc. (NASDAQ: CNEY) (\"CNEY\", or the \"Company\") today announced the closing of its previously announced underwritten public offering. The gross proceeds to the Company were approximately $10 million, before deducting underwriting discounts and other expenses payable by the Company. The offering consisted 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 Class A 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.\nAegis Capital Corp. acted as sole book-running manager for the proposed public offering.\nThis offering was 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. A final prospectus supplement and accompanying prospectus (collectively, the \"Prospectus\") describing the terms of the proposed offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the Prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010.\nThis 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...

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