Smart Powerr completes $2 million registered direct offering

Smart Powerr Corp. (NASDAQ: CREG) completed a $2 million registered direct offering, according to a statement from Univest Securities, LLC.

The Xi'an-based energy technology company sold 4.5 million shares of common stock at $0.45 per share. The offering generated approximately $2 million in gross proceeds before deducting placement agent fees and other expenses.

Univest Securities, LLC served as the sole placement agent for the transaction. The company is a FINRA and SIPC member investment bank and securities broker-dealer based in New York.

The offering was conducted under a shelf registration statement on Form S-3 that was previously filed by Smart Powerr and declared effective by the Securities and Exchange Commission on August 27, 2024.

Smart Powerr operates in China's energy sector, providing waste energy recycling and energy efficiency solutions for energy-intensive industries. The company uses a Build-Operate-Transfer model and is expanding into integrated energy storage solutions.

The company's waste energy recycling projects enable customers to recapture previously wasted pressure, heat, and gas from manufacturing processes to generate electricity. Smart Powerr plans to expand into energy storage technologies for industrial and commercial complexes, large-scale photovoltaic and wind power stations, remote islands, and smart energy cities.

You May Also Be Interested In

• Reformation launches IPO on NYSE at $15-$17 per share
• K Wave Media transfers to Nasdaq Capital Market, gets compliance extension
• Byrna Technologies names James White as SVP of retail & channel growth