Aduro Clean Technologies Announces Closing of US$4 Million Uplisting to Nasdaq

LONDON, Ontario, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ("Aduro" or the "Company") (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the closing of its underwritten U.S. public offering (the "Offering") of 941,177 common shares at a public offering price of US$4.25 per common share. The common shares commenced trading on the Nasdaq Capital Market on November 7, 2024, under the ticker symbol "ADUR."

The Company received aggregate gross proceeds of approximately US$4.00 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 141,176 common shares, representing 15% of the common shares sold in the Offering, at the public offering price less underwriting discounts.

Net proceeds from the Offering will be used for ongoing research and development costs, expenditures related to the construction of its "Next Generation Process" unit, and the remainder (if any) for general corporate purposes and working capital.

Craft Capital Management LLC acted as the representative of the underwriters, with EF Hutton LLC acting as co-underwriter for the Offering.

The common ...