China Recycling Energy announces $3M registered direct offering

China Recycling Energy Corporation said it has entered into definitive purchase agreements with certain institutional accredited investors to purchase in a registered direct offering 1,985,082 shares of its common stock, at a purchase price of $1.375 per share, for gross proceeds of approximately $2.75 million, in a registered direct offering priced at-the-market. Additionally, CREG has also agreed to issue to the investors unregistered warrants to purchase up to 1,985,082 shares of common stock, at a purchase price per warrant of $0.125, for gross proceeds of approximately $0.25 million. The offering is expected to close on or about October 31, 2018, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have an exercise price of $1.3725 per share, will be exercisable immediately and will expire five and one-half years from the issuance date. The gross proceeds of the offering are expected to be approximately $3 million. CREG intends to use the net proceeds from this offering for working capital and general corporate purposes.