OXNARD, Calif., June 18, 2018 (GLOBE NEWSWIRE) -- CDTi Advanced Materials, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, today announced its intent to commence a rights offering pursuant to which it plans to raise approximately $3,424,500 through the distribution of subscription rights and the exercise thereof (the “Rights Offering”).
Under the proposed Rights Offering, the Company will distribute non-transferable subscription rights to purchase one share of Common Stock for each share of Common Stock outstanding, at a subscription price per share of $0.50, to its stockholders of record as of June 28, 2018 (the “Record Date”). The subscription rights will be exercisable for up to an aggregate of 6,849,000 shares, with aggregate participation to be allocated among holders on a pro rata basis if in excess of that threshold.
Stockholders who fully exercise their basic subscription right will be entitled, if available, to subscribe for shares that are not purchased by other stockholders, on a pro rata basis and subject to the 6,849,000 shares aggregate offering threshold and ownership limitations. The subscription rights are non-transferable and may be exercised only during the anticipated subscription period of Friday, June 29, 2018, through 5:00 PM EDT on Friday, July 13, 2018, unless extended.
The Rights Offering will be made pursuant to the Company’s effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. The Company expects to mail subscription certificates evidencing the subscription rights and a copy of the prospectus supplement and accompanying prospectus for the Rights Offering shortly following the Record Date.
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About CDTi Advanced Materials
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits the Company’s high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Synergized PGM (SPGM™) and Spinel™. For more information, please visit www.cdti.com.
This press release contains forward-looking statements regarding the expected distribution of rights to purchase shares of CDTi’s common stock. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the extent of participation in the Rights Offering, risks associated with the cash requirements of our business and other risks detailed from time to time in our filings with the Securities and Exchange Commission, and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Moriah Shilton or Kirsten Chapman