CN Energy Group. Inc. (CNEY) Prices 5M Share IPO at $4/Sh

February 5, 2021 6:24 AM EST

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CN Energy Group. Inc. (NASDAQ: CNEY), a China-based manufacturer and supplier of wood-based activated carbon and a producer of biomass electricity, today announced the pricing of its initial public offering ("Offering") of 5,000,000 ordinary shares at a public offering price of US$4.00 per share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on February 5, 2021 under the ticker symbol "CNEY."

The Company expects to receive aggregate gross proceeds of US$20 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about February 9, 2021, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used to fund the construction of a new manufacturing facility in Manzhouli City and for research and development, working capital, and general corporate purposes.

The Offering is being conducted on a firm commitment basis. Network 1 Financial Securities, Inc. is acting as the underwriter for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Loeb & Loeb LLP acted as counsel to Network 1 Financial Securities, Inc. in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission ("SEC") (File Number: 333-239659) and was declared effective by the SEC on February 4, 2021.



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