In last trading session, the stock price of Clean Diesel Technologies, Inc. (NASDAQ:CDTI) surged more than 3% to close the day at $0.660. Earlier in the month. The company obtained notice from board members Bernard H. Cherry and Charles R. Engles Ph.D. of their plans not to stand for election after their terms end in May 2016.
The expert speaks
Matthew Beale, the CEO of Clean Diesel, said that on behalf of company’s board, he wants to extend sincerest gratitude to both Bud and Charles for their considerable contributions in their service to the company. Both Bud and Charles have served on the company’s Board since the merger of Catalytic Solutions, Inc. and Clean Diesel in October 2010, and earlier as members of Catalytic’s Board.
Charles’ leadership as Board Chairman and his vast experience in the early stage technology firms and platinum group metal industry have been vital. With years of experience in the energy industry, Bud’s wealth of experience, knowledge, and insights in energy sector have significantly benefited the company. Both of them have been instrumental in backing significant organizational and strategic change at the company; the remarkable change that positions Clean Diesel for its next phase of profitable growth.
A couple of weeks ago, Clean Diesel closed a $2 million loan and revised its existing loan deal with Kanis, S.A. The amended deal provides company with mandatory conversion rights of the total principal balance of over $7 million into common stock of Clean Diesel upon the manifestation of a liquidity event stated as a strategic investment in company or public stock offering by Clean Diesel.
Matthew Beale, the CEO of Clean Diesel, said that as a long-time investor in firm, Kanis, S.A. has shown increased confidence in advanced materials business plans. These agreements offer them with an opportunity to considerably reduce the debt on balance sheet.