Aduro Clean Technologies, a Canadian developer of chemical recycling technologies, raised $4 million by offering 0.9 million shares at $4.25, the low end of the range of $4.25 to $5.00. The company offered 0.2 million fewer shares than anticipated.
Because the company raised less than $5 million, Aduro Clean Technologies will be excluded from Renaissance Capital's 2024 IPO stats.
Aduro is currently listed on the Canadian Securities Exchange (ACT) and the Frankfurt Exchange (9D50), and up until the offering had also been listed on the OTC.
Audro is developing a highly flexible chemical recycling platform featuring three unique technologies: Hydrochemolytic Plastics Upcycling, Hydrochemolytic Bitumen Upgrading, and Hydrochemolytic Renewables Upgrading. These technologies transform lower-value feedstocks into useful, higher- value chemical feedstocks and fuels. The company's future business model is based principally on licensing, royalties, and research and development, though it is still investigating different business models that may be a better fit to its operations and bring greater value to stakeholders. Aduro has generated minimal revenues to date.
Aduro Clean Technologies plans to list on the Nasdaq under the symbol ADUR. Craft Capital Management and EF Hutton acted as joint bookrunners on the deal.
