Green Equity - August 16, 2024
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Aduro Clean Technologies (ACT) has announced the consolidation of its common shares, converting every 3.25 pre-consolidation shares into one post-consolidation share, effective August 20, 2024. After the consolidation, the total number of shares outstanding will be reduced from 88,316,467 to approximately 27,174,297. This reverse split is taking place in preparation for Aduro’s uplisting to the NYSE American. Additionally, Aduro has completed the conversion of milestone-dependent Class B Special Warrants, issuing 4,102,563 post-consolidation shares to the management team.
PlasCred Circular Innovations (PLAS) has announced the first tranche of its Equity Growth Facility, securing an agreement with an institutional investor for C$10 million. The investor will subscribe to 739,120 common shares at $0.0668 per share, with the closing expected by August 23, 2024. Additionally, the investor will receive 2,050,000 common share purchase warrants. The agreement also includes a commitment fee of $300,000 in cash or shares. This funding will support PlasCred's plastic waste upcycling initiatives.
Gevo, Inc. (GEVO) has updated its executive compensation and severance agreements, outlining base salary, bonuses, and equity awards for CEO Patrick Gruber and other top executives. The agreements include substantial severance packages, such as cash payments and health coverage, in the event of termination without cause.
Price Targets & Reports
Roth/MKM cut GreenPower Motor (GP) 's price target from $3.00 to $1.65, but it retained a “Buy” rating due to lower-than-expected Q1 fiscal 2025 revenue.