UPDATE: Clean Diesel Technologies (CDTI) Triggers LUDP Amid 13D Filing
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Reports World Machine Sales Down 18% in Sept.
- MagnaChip (MX) Announces Order and Final Judgment Issued in Derivative Action Suits
- Verisign Inc. (VRSN) Reports Amendments to Agreements with DOC, ICANN
Create E-mail Alert Related Categories13Ds, Trader Talk, Trading Halts
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!