Clean Diesel raises $6.9M in stock offering
Clean Diesel Technologies has raised $6.9 million in a sale of common stock and warrants.
The Ventura-based auto emissions technology firm said it sold about 2 million shares and warrants in a direct offering. The proceeds will be used for “general corporate purposes.”
Roth Capital Partners and Craig-Hallum Capital Group served as placement agents.
Clean Diesel’s CEO stepped down last year, shortly after it announced the dissolution of a joint venture with Italian tire-maker Pirelli due to lower-than-expected sales. But Clean Diesel said last month that it has started production of a new series of catalytic-emissions reduction products for the 2015 version of Honda’s gasoline-powered Acura TLX models. The TLX will be the sixth Honda platform to use CDTi products.
Clean Diesel shares traded up 2 percent to $3.02 by midday on April 9.