UPDATE: Clean Diesel Technologies (CDTI) Triggers LUDP Amid 13D Filing
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(Updated - September 6, 2016 3:04 PM EDT)
Clean Diesel Technologies (NASDAQ: CDTI) triggers limit-up, limit-down trading pause.
UPDATE - Kanis S.A. filed a 13D with the U.S. SEC today. In part, the filing read:
Item 3. Source and Amount of Funds or Other Consideration
As of August 30, 2016, Kanis S.A. acquired 4,872,032 shares of the Issuer’s Common Stock (the “Subject Shares”) in exchange for outstanding promissory notes and other evidences of debt (the “Kanis Notes”) in the aggregate principal amount of $7,500,000 plus $400,000 in accrued but unpaid interest thereon through and including August 30, 2016 (the “Kanis Indebtedness”). The number of shares of Issuer’s Common Stock issuable to Kanis S.A. was determined by dividing the Kanis Indebtedness as of the date of the exchange by $1.6215.
Item 4. Purpose of Transaction
By converting the Kanis Notes into the Subject Shares, the Reporting Person provides the Issuer with an opportunity to significantly reduce the debt on its balance sheet and simplify its capital structure to support the Issuer’s path to profitability. The Reporting Person wishes to assist the Issuer to increase the Issuer’s financial strength by reducing the outstanding debt and enhancing its ability to invest its available cash in operating activities.
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