China Integrated Energy (CBEH) to Sell 8M Shares in Public Follow-On Offering
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China Integrated Energy, Inc. (NASDAQ: CBEH) today announced that it intends to offer, subject to market and other conditions, 8 million shares of the Company's common stock. The Company intends to grant to the underwriters an option to purchase up to 1.2 million additional shares of the Company's common stock to cover over-allotments, if any.
The Company anticipates that the net proceeds from the offering will be used for the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses and for working capital and general corporate purposes.
Oppenheimer & Co. will act as the sole book-running manager for the offering. A registration statement relating to these securities has been filed with the SEC but has not yet become effective.
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