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Aduro Clean Technologies Announces Filing of Registration Statement in Connection with Proposed Initial Public Offering in the United States

By: Aduro Clean Technologies Inc. via GlobeNewswire

July 23, 2024 at 07:00 AM EDT

LONDON, Ontario, July 23, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21^st century, is pleased to announce that it has publicly filed a registration statement on Form F-1 with the Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of its common shares in the United States (the “Offering”).

In connection with the Offering, Aduro has also applied to list its common shares on the NYSE American exchange (“NYSE”). The number of shares to be offered and the offering price for the Offering have not yet been determined. The Offering is expected to take place after the SEC completes its review process, subject to market and other customary conditions, and there can be no assurance as to whether or when the Offering may be completed, as to the actual size or terms of the Offering, or whether the common shares will be accepted for trading on the NYSE.

EF Hutton LLC is acting as sole book-running manager for proposed Offering.

The proposed Offering will be made pursuant to a prospectus. Copies of the preliminary prospectus related to the Offering, when available, may be obtained on the SEC’s website, www.sec.gov, or upon request from: EF Hutton LLC, 590 Madison Avenue, 39^th Floor, New York, NY 10022.

In addition to, and in preparation for, the new listing on NYSE, and subject to approval by the Canadian Securities Exchange (the “CSE”), Aduro will undertake a consolidation of its issued and outstanding common shares at a consolidation ratio to be determined in the coming weeks.

A registration statement relating to the proposed Offering has been filed with the SEC but has not yet become effective. Securities offered under the registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell, or a solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act or 1933, as amended.

The common shares of the proposed Offering referenced above are not being offered to residents of Canada or persons in Canada. The common shares are being sold based on prospectus exemptions under applicable Canadian securities laws, and on the basis that the securities will not be distributed back into Canada.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21^st century.

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. In this release, the forward looking statements include, but are not limited to, the proposed initial public offering of the Company’s common shares in the United States, the registration of the Company’s common shares with the SEC; a listing of the Company’s common shares on the NYSE; and the implementation and details of the consolidation. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, regulatory filings may not be filed or approved on a timely basis, or at all; the Company’s common shares may not be accepted for registration by the SEC on a timely basis, or at all; the Company may not proceed with the initial public offering of the Company’s common shares in the United States or a listing of the Company’s common shares on the NYSE on a timely basis, or at all; the Company may not implement the consolidation on a timely basis, or at all; that the Company may fail to commercialize its technology or that its technology may not be accepted commercially, for various reasons; and that other unexpected adverse market conditions may negatively affect the Company and its progress, including various other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events, or otherwise, except as required by applicable law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

PR119 F1 IPO NYSE