Seeking Alpha

Clean Diesel -10.8% premarket on $6.9M equity raise

  • Clean Diesel Technologies (CDTI) -10.8% premarket after announcing it is raising ~$6.9M in gross proceeds in an offering of ~2M shares of its common stock and warrants to purchase up to 812K shares of common stock at a combined price of $3.40/share and related warrants.
  • CDTI plans to use the proceeds from the offering for general corporate purposes, including working capital, G&A expenses, capital expenditures and implementation of strategic priorities.
  • CDTI had closed Monday down 10% from Friday, hurt by the company's report of another net loss for its latest Q4 despite higher revenue and gross margin.
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