Clean Diesel Technologies (CDTI) Completes $8.9M Debt Conversion
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Clean Diesel Technologies, Inc. (Nasdaq: CDTI) announced it has successfully converted approximately $8.9 million in total indebtedness into shares of CDTI’s common stock. The debt conversion significantly strengthens the company’s balance sheet and represents the final step in regaining compliance with NASDAQ’s minimum stockholders’ equity rule.
“By restructuring our balance sheet, we have achieved a major milestone in our plan to establish sustainable capital and cost structures for the company,” stated Matthew Beale, CDTi’s CEO. “The equitization of debt provides us with the flexibility to prioritize resource allocation to operating activities as we seek to accelerate the commercialization of our advanced materials and high-value catalyst strategy. In addition to the transformative impact of this transaction on CDTi’s capital structure, we believe it is a testament to our shareholders’ confidence in the long-term prospects for the company. We are now more firmly positioned to achieve sustainable profitability and drive long-term growth.”
On August 25, 2016, CDTi’s shareholders approved debt conversion transactions with Kanis S.A. and Lon E. Bell. Combined with the conversion of convertible debt held by Haldor Topsøe A/S, the company issued 5,498,339 shares of the common stock in exchange for the extinguishment of $8,915,556 of total indebtedness. The company believes it has regained compliance with NASDAQ Listing Rule 5550(b)(1) to maintain a minimum stockholders’ equity of $2,500,000.
Additional information on the transactions will be available in the Company’s Current Report on Form 8-K to be filed with the SEC later today, which will be available on the Company’s website at www.cdti.com.
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