LISHUI, China,
Dec. 5,
2024 /PRNewswire/ -- CN Energy Group. Inc. (NASDAQ:
CNEY) ("CNEY" or the "Company") today announced that it entered
into Warrant Inducement Agreements with certain holders (each, a
"Holder") of the Company's existing ordinary share purchase
warrants issued in January 2023 (the
"Existing Warrants"), covering up to an aggregate of 6,576,278
class A ordinary shares of the Company, no par value (the "Ordinary
Shares"), pursuant to which (i) the exercise price of the Existing
Warrants will be reduced from $1.4529
per share to $0.32 per share (the
"Reduced Exercise Price") to the extent exercised by each Holder,
and (ii) in exchange for each Holder's cash payment of the Reduced
Exercise Price of the Existing Warrants in part or whole, the
Company will issue new unregistered ordinary share purchase
warrants (the "New Warrants"), to incentivize the Holders to
exercise the Existing Warrants in cash. The New Warrants will be
immediately exercisable upon issuance, have an exercise price of
$0.32 and will expire January 5, 2028. The Holders will have until
January 5, 2025 to exercise such
Existing Warrants at the Reduced Exercise Price and receive New
Warrants.
The issuance of the Existing Warrants and the issuance of the
Ordinary Shares upon exercise thereof have been registered on a
registration statement previously filed with and declared effective
by the Securities and Exchange Commission. The Company also agreed
to file a registration statement covering the resale of the
Ordinary Shares issued or issuable upon the exercise of the New
Warrants (the "Warrant Shares"). The New Warrants and Warrant
Shares were offered in reliance upon the exemption provided by
Section 4(a)(2) of the Securities Act of 1933, as amended. As of
December 4, 2024, the Company had
8,218,764 Class A ordinary shares issued and outstanding.
Aegis Capital Corp. is acting as the exclusive placement agent
for the offering.
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on NASDAQ under the
symbol "CNEY." With patented proprietary bioengineering and
physiochemical technologies, CNEY has pioneered and specialized in
producing high-quality recyclable activated carbon and renewable
energy from abandoned forest and agricultural residues, converting
harmful wastes into invaluable wealth and delivering significant
financial, economic, environmental and ecologic benefits. CNEY's products and services have been
widely used by food and beverage producers, industrial and
pharmaceutical manufacturers, as well as environmental protection
enterprises. For more information, please visit the Company's
website at www.cneny.com.
Forward-Looking Statements
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, including the further spread of the COVID-19 virus
or new variants thereof, or the occurrence of another wave of cases
and the impact it may have on the Company's operations and the
demand for the Company's products, and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
conditions, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate, " "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to refer to its
filings with SEC, including without limitation, Company's
registration statements and other filings with the SEC that set
forth certain risks and uncertainties that may have an impact on
future results and directions of the Company.
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SOURCE CN Energy Group. Inc.