CleanTech Innovations Inc., a clean technology solutions provider for the wind and utilities industries, today announced it has completed a $10 million private placement of equity securities placed with institutional and other accredited investors in a highly oversubscribed offering.
According to the press release, the company placed a total of 3,333,333 units priced at $3 per unit, with each unit comprising one share of common stock and a three-year warrant to purchase 0.15 shares of common stock at an exercise price of $3 per share. None of the securities issued in the offering were registered.
CleanTech has a total of 22,463,333 shares of common stock issued and outstanding after this offering, or 23,296,666 shares on a fully diluted basis.
Bei Lu, chairman and CEO of CleanTech, said proceeds of the financing will enable the company to address increasing purchase orders. Additionally, the company announced its desire to list its common stock on a U.S. exchange.
“We are very pleased with the strong demand for this financing led by blue chip institutional investors in an expanded and highly oversubscribed offering. CleanTech intends to use the capital to expand significantly our production capabilities in order to fill rapidly growing orders for wind towers from our longstanding customers, including China’s top three largest national utility companies. Meanwhile, CleanTech intends to apply for the listing of our common stock on a U.S. national stock exchange in the near future,” Lu stated in the press release.
William Blair & Company served as advisors to CleanTech for this financing; First Merger Capital Inc. acted as the co-lead placement agent in this offering; and Aegis Capital Corp. acted as co-placement agent in this financing.
For more information visit the company’s website at www.ctiproduct.com
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