Aduro Clean Technologies (ADUR) downsized its small public offering/NASDAQ uplisting to 941,177 shares – down from 1.1 million shares (1,098,901 shares) in the prospectus – and priced the offering at $4.25 – the low end of its $4.25-to-$5.00 price range – to raise $4.0 million – on Wednesday night, Nov. 6, 2024.
The company’s stock – formerly traded in the U.S. on the OTCQB Market – opened flat at $4./25 today– Thursday, Nov. 7, 2024, on the NASDAQ. Aduro Clean’s ordinary shares also trade on the Canadian Securities Exchange and on the Frankfurt Stock Exchange.
Craft Capital Markets and EF Hutton acted as the joint book-runners.
Aduro Clean Technologies, based in London, Ontario, is an early-stage developer of a flexible chemical recycling platform that features three unique technologies: Hydrochemolytic™ Plastics Upcycling, Hydrochemolytic™ Bitumen Upgrading, and Hydrochemolytic™ Renewables Upgrading. As of today, through acquisition and development, the company owns eight U.S.-based patents, seven granted and one pending.
The prospectus said that Aduro Clean Technologies is not profitable: The Canadian company reported a net loss of $7.44 million on revenue of $0.34 million (about $340,000) for the 12 months that ended May 31, 2024.
