The company plans to list on the Nasdaq under the symbol "CNEY," by offering 5 million shares at a price range of 4 to 5 U.S. dollars per share, according to its prospectus filed earlier this week with the U.S. Securities and Exchange Commission.
Founded in 2018, the company is a manufacturer and supplier of wood-based activated carbon that is primarily used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food and beverage production, and a producer of biomass electricity generated in the process of producing activated carbon.
It intends to use the net proceeds of this offering primarily for the construction of a manufacturing facility, research and development, and other general corporate purposes.
Network 1 Financial Securities is the sole bookrunner on the deal.
As of Thursday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,108.22, marking a 3.56-percent gain for the month-to-date returns and a 29.71-percent increase for the year-to-date returns.