Clean Diesel Technologies (NASDAQ: CDTI) shares tumbled in morning trade after the company announced its plans to raise about $10.3 million in a private placement of common stock priced at $2 per share. “Together with the successful repositioning of the company and the elimination of approximately $8.9 million in debt in August, this financing supports our continued execution of our advanced materials business strategy by providing us a stronger financial foundation. This financing also represents a key milestone as we seek to achieve scale and profitability, as well as build long-term shareholder value,” company CEO Matthew Beale stated in the news release. CDTI is scheduled to report its third quarter 2016 financial results before the market opens November 14, 2016.
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About CDTi
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits the Company’s high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™), Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. For more information, visit www.cdti.com
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