Cleantech Solutions International Announces Private Placement

Cleantech Solutions (NASDAQ:CLNT) has announced that on June 14, 2017 the company entered into a stock purchase agreement with certain accredited investors pursuant to which the investors purchased an aggregate of 290,000 shares of the company’s stock for $3 per share.
As quoted in the press release:

The gross proceeds of approximately $870,000 from the private placement are expected to be used to develop various new business initiatives and for working capital purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements.  The investors have piggyback registration rights until 90 calendar days after the shares are salable under Rule 144 promulgated under the Securities Act in the event that the Company proposes to file a registration statement under the Securities Act with respect to an offering of the Company’s securities.

Click here to read the full press release.