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HTFL’s Client CN Energy Group. Inc. Successfully Closed its Underwritten Shelf Takedown

February 01, 2023

Ying Li

Guillaume de Sampigny

CN Energy Group. Inc. (the “Company”), a China-based manufacturer and supplier of wood-based activated carbon and producer of biomass electricity, today announced the closing of its underwritten public offering. The gross proceeds to the Company were approximately $10 million, before deducting underwriting discounts and other expenses payable by the Company. The offering consisted of 18,183,274 units/pre-funded units consisting of (a) one Class A ordinary share (or one pre-funded warrant to purchase one Class A ordinary share in lieu thereof) and (b) one warrant to purchase one Class A ordinary share (the “Warrants”) at a price to the public of $0.55 per Class A ordinary share and Warrant (or $0.5499 per pre-funded warrant and Warrant after reducing $0.0001 attributable to the exercise price of the pre-funded warrants). The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, working capital.

Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company. Hunter Taubman Fischer & Li LLC is a boutique law firm specializing in securities transactions, corporate, commercial, and cross-border financing, immigration, and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.