Nasdaq-listed China Integrated Energy, a leading non-state-owned integrated energy company in China, has priced a public offering of 5 million shares of common stock at $5.75 apiece.
The company has granted the underwriter Oppenheimer & Company a 30-day option to purchase up to an additional 750,000 shares of common stock.
The public offering, subject to customary closing conditions, will end on November 4, Wednesday.
China Integrated Energy expects net proceeds after underwriting discounts, commissions and expenses are deducted to total $26.9 million.
The company intends to use the funds it will raise through the offering to expand its biodiesel production facility, wholesale distribution and retail gas station businesses.
China Integrated Energy is one of the largest biodiesel manufacturers in China and is the only non-state-owned biodiesel producer with a distribution license.
China Integrated names price for public offering
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