Shares of Clean Diesel Technologies Inc., a vertically integrated worldwide manufacturer and distributor of emissions control systems and products, are soaring in today’s trading after today announced its unaudited third-quarter 2011 financial results. The company also entered into an equity purchase agreement with Lincoln Park Capital Fund LLC.
At last check, Clean Diesel Technologies shares were trading 31.21% higher at $3.897, with volume up from daily average of 112,433 to 1,069,154.
Clean Diesel said that it expects third-quarter revenue to be in excess $14.7 million. For the same period in the previous year, the company had revenue of $10.9 million. The company expects its Heavy Duty Diesel Systems division revenue to grow in excess of 50% in the third quarter of 2011.
Charles Call, CEO of Clean Diesel, said that driven by excellent execution from the team at Clean Diesel and demand from customers, the company’s preliminary third-quarter revenue performance was strong.
Clean Diesel also said today that it entered into a purchase agreement with Lincoln Park under which the company has the option to sell Lincoln Park up to $10 million of its common stock over a 30-month period. The company has the sole discretion to exercise the option.
Additional articles published by Beacon Equity Research can be found on their website at www.BeaconEquity.com
Let us hear your thoughts below:
