CDTi Announces Closing of Underwritten Public Offering of Common Stock and
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
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 email@example.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
The securities sold in the private placement are not registered under the
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirement of such Act and applicable state
CDTi is a global manufacturer and distributor of emissions control systems and
products, focused on the heavy duty diesel and light duty vehicle markets.
CDTi is headquartered in Ventura, California and currently has operations in
the U.S., Canada, France, Japan and Sweden.
Forward-Looking Statements Safe Harbor
This press release contains forward-looking statements regarding future events
and the Company's future results that are subject to the safe harbors created
under the Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended.These statements are based on current expectations,
estimates, forecasts, and projections about the market condition, the industry
in which the Company operates and the beliefs and assumptions of the Company's
management. Words such as "expects," "anticipates," "targets," "goals,"
"projects," "intends," "plans," "believes," "seeks," "estimates," "continues,"
"may," variations of such words, and similar expressions, are intended to
identify such forward-looking statements. Forward-looking statements are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond our control, including such factors as discussed under the caption
"Risk Factors" in our final prospectus supplement filed with the SEC and our
Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and
our other periodic and current reports filed with the SEC and available on
www.sec.gov. Readers are cautioned that forward-looking statements are not
guarantees of future performance and that actual results or developments may
differ materially from those expressed or implied in the forward-looking
statements. Any forward-looking statement made by us in this release is based
only on information currently available to us and speaks only as of the date
on which it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be made from time
to time, whether as a result of new information, future developments or
CONTACT: Kevin M. McGrath
Cameron Associates, Inc.
Tel: +1 (212) 245-4577
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