Business
China Recycling Energy Corporation Announces Registered Direct Offering
XI'AN, China, April 15, 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 15, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation. (Nasdaq:CREG) (\"CREG\" or \"the Company\"), a leading industrial waste-to-energy solution provider in China, is pleased to announce today that it has entered into definitive purchase agreements with certain institutional accredited investors to purchase in a registered direct offering 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 also agreed to issue to the investors unregistered warrants to purchase up to 1,769,454 shares of common stock. The offering is expected to close on or about April 16, 2019, subject to the satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.The warrants will have an exercise price of $0.9365 per share, will be exercisable commencing six months following the issuance date and will expire five and one-half years from the issuance date.CREG intends to use the net proceeds from this offering for working capital and general corporate purposes.The shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered 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). The offering of the shares of common stock will be made only by means of a prospectus. A final prospectus supplement and accompanying base prospectus relating to the securities being offered will be filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when 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 ...