CN Energy, which produces wood-based activated carbon and biomass energy, filed on Thursday with the SEC to raise up to $23 million in an initial public offering.
The Hangzhou, China-based company plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, CN Energy would command a market value of $69 million.
The Hangzhou, China-based company was founded in 2018 and booked $10 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol CNEY. Network 1 Financial Securities is the sole bookrunner on the deal.
