Business
China Recycling Energy Corporation Announces Closing of $1.88 Million Registered Direct Offering
XI'AN, China, April 17, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq:CREG) ("CREG" or "the Company"), a leading industrial
About this update from Smart Powerr Corp.
[{"type":"text","content":"XI'AN, China, April 17, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq:CREG) (\"CREG\" or \"the Company\"), a leading industrial waste-to-energy solution provider in China, today announced the closing of its previously announced registered direct offering of 2,359,272 shares of its common stock, at a purchase price of $0.80 per share, for gross proceeds of approximately $1.88 million. Additionally, CREG has issued to the investors unregistered warrants to purchase up to 1,769,454 shares of common stock. The warrants have an exercise price of $0.9365 per share, are exercisable commencing six months following the issuance date and will expire five and one-half years from the issuance date.H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.The net proceeds of the offering and the private placement are estimated to be approximately $1.67 million, after deducting placement agent fees and other estimated offering expenses. CREG intends to use the net proceeds for working capital and general corporation purposes.The shares of common stock (but not the warrants or the shares of common stock underlying the warrants) were offered and sold by CREG pursuant to a \"shelf\" registration statement on Form S-3 that was filed and declared effective by the Securities and Exchange Commission (\"SEC\") and the base prospectus contained therein (File No. 333-221868). A final prospectus supplement and accompanying base prospectus relating to the securities being offered have been filed with the SEC and are available on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at [email protected] warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities...