Clean Diesel Technologies (CDTI) Completes $8.9M Debt Conversion
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Offers FY17 Guidance Update at Credit Suisse Conference
- FMSA Holdings Inc. (FMSA) Files Mixed, Common Stock Shelf
- Genetic Technologies (GENE) Enters $6M ADS Direct Offering
Create E-mail Alert Related CategoriesCorporate News
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!