CN Energy Group Inc, the producer wood-based activated carbon and biomass energy for various industry in China, has filed Form F-1 Registration Statement on July 3, 2020 with the U.S. Securities and Exchange Commission to raise up to $23 million in an IPO.
The company plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, the company expects a market cap of $69 million.
The Hangzhou, China-based company was founded in 2018 and booked $10 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq Capital Market under the symbol “CNEY.” Network 1 Financial Securities is the underwriter of the IPO.
The company engages Hunter Taubman Fischer & Li LLC as US Securities Counsel and Friedman LLP as Independent Auditor.
Nevertheless, it also warned about the risk of delisting from the stock exchange due to the lack of PCAOB inspections on Chinese firms, which would become mandatory under the new bill currently evaluated by U.S. Congress.
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