CHESTNUT RIDGE, N.Y.,
Jan. 21, 2022 /PRNewswire/
-- Renovare Environmental, Inc. (the "Company") (NASDAQ:
RENO), a circular economy and sustainability technology and
services provider, today announced that it entered into a
securities purchase agreement with certain institutional investors
to purchase approximately $1.3
million worth of its common stock and warrants in a private
placement.
Under the terms of the securities purchase agreement, the
Company has agreed to sell 2,141,667 shares of its common stock and
warrants to purchase 2,141,667 shares of common stock. The warrants
will be exercisable immediately upon the date of issuance and have
an exercise price of $0.60 per share.
The warrants will expire five years from the date of issuance. The
purchase price for one share of common stock and one corresponding
warrant will be $0.60. The gross
proceeds to the Company from the private placement are estimated to
be approximately $1.3 million before
deducting the placement agent's fees and other estimated offering
expenses. The offering is expected to close on or about
January 25, 2022, subject to the
satisfaction of customary closing conditions.
EF Hutton, division of Benchmark Investments, LLC, and
Joseph Gunnar & Co. LLC are
acting as co-placement agents for the offering.
The shares of common stock and warrants described above have not
been registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission (SEC) or an applicable exemption from such registration
requirements. The securities were offered only to accredited
investors. Pursuant to a registration rights agreement with the
investors, the Company has agreed to file one or more registration
statements with the SEC covering the resale of the shares of common
stock and the shares issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Renovare Environmental, Inc.
Renovare Environmental, Inc. (Nasdaq: RENO), formerly BioHiTech
Global, Inc., is a technology services company focused on providing
cost-effective solutions that improve environmental
outcomes. Our solutions for waste management include the
processing of municipal solid waste into a valuable renewable fuel,
biological disposal of food waste on-site, and proprietary
real-time data analytics tools to reduce food waste generation.
When used individually or in combination, our solutions lower the
carbon footprint associated with waste transportation and can
reduce or virtually eliminate landfill usage. Our unique
solutions enable businesses and municipalities of all types as well
as educational and governmental facilities to solve everyday
problems in a smarter and more cost-effective way while reducing
their impact on the environment. For more information, please
visit www.renovareenv.com.
Forward Looking Statements
Statements in this document contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements, including statements about the estimated
contract value, additional purchase orders or deliveries, and the
ability of the Company's products to improve environmental outcomes
and achieve corporate sustainability goals, are based on many
assumptions and estimates and are not guarantees of future
performance. These statements may involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Renovare Environmental, Inc. to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Renovare Environmental, Inc. assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future. Our actual results may differ materially from the results
anticipated in these forward-looking statements due to a variety of
factors, including, without limitation those set forth as "Risk
Factors" in our filings with the Securities and Exchange Commission
("SEC"). There may be other factors not mentioned above or included
in the Company's SEC filings that may cause actual results to
differ materially from those projected in any forward-looking
statement. Renovare Environmental, Inc. assumes no obligation to
update any forward-looking statements as a result of new
information, future events or developments, except as required by
securities laws.
Company Contact:
Renovare Environmental,
Inc.
Lisa Giovannielli
VP, Corporate Communications
O: 888.876.9300
E: lgiovannielli@biohitech.com
Investors:
ir@biohitech.com
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SOURCE Renovare Environmental, Inc.