-- Company Continues To Execute Requirements Necessary For Uplisting As Part Of Long-Term Strategic Plan
Costa Mesa, California, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (OTCQB:CETYD) ("CETY" or the "Company") a clean energy company offering products and solutions in the renewable and energy efficiency markets, announced today that the Company has implemented a reverse split of its issued and outstanding common stock at a ratio of 1-for-40 shares.
The Company initiated the reverse stock split in connection with its previously announced application to uplist the Company's common stock to the NASDAQ Capital Markets. The sole purpose of this action is to enable the Company to meet the stock price requirement for official listing on the NASDAQ Capital Market.
The Company's common stock is now trading on a split-adjusted basis on the OTCQB under the trading symbol "CETYD". The company's trading symbol will revert back to "CETY" after 20 business days if the stock is still trading on the OTCQB or upon the listing of the Company's common stock on NASDAQ Capital Markets, whichever occurs first.
"This reverse stock split is required to fulfill the share price requirement for listing on NASDAQ," stated Kam Mahdi, CEO of Clean Energy Technologies. "After review of the price action of our common stock after the reverse split and satisfaction of all other requirements NASDAQ staff will make a decision as to whether or not to approve the Company's request to uplist. Moving to a national exchange would represent a significant step for the Company which we expect will provide enhanced visibility in the capital markets."
As a result of the reverse stock split, each forty (40) shares of common stock will automatically combine into one (1) new share of common stock without any action on the part of the holders, reducing the number of outstanding shares from 1,486,995,146 shares to approximately 37,174,934 shares. The reverse split will not alter any stockholder's percentage of equity interest in the Company, except to the extent that the reverse split results in a stockholder owning a fractional share. Any fractional shares resulting from the reverse split will be rounded up to the next whole number of shares.
There can be no assurance of the Company's ability to satisfy the remaining requirements for listing or that the application will be approved by NASDAQ.
About Clean Energy Technologies, Inc.
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our LNG trading operations in China is to source and supply LNG to industries and municipalities located in the southern part of Sichuan Province and portions of Yunnan Province.
CETY's common stock is currently traded on the OTC Market under the symbol CETYD. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com .
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DISCLAIMER
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
Investor Relations Contact:
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
