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Catalytic Solutions Inc / Clean Diesel Technologies

  • BY: Andrew Hore |
  • POSTED: 17/05/2010 |

Catalytic Solutions Inc is merging with former Aim company Clean Diesel Technologies.

Nasdaq-listed emissions reduction technology developer CDT will offer Catalytic shareholders enough shares to give them 60% of the enlarged group. The deal is conditional on each of the companies having at least $1m in cash when the merger happens.

Emissions control systems supplier Catalytic is also trying to negotiate an additional capital injection of $4m via an issue of convertible subordinated notes - $2m need to be issued before the merger can go ahead.

For every $167,000 shortfall in cash below $2m, the Catalytic shareholders will receive 1% less of the enlarged company. For every $117,000 shortfall in cash below $4.5m, CDT shareholders will receive 1% less of the enlarged company.

Catalytic has had cash problems for some time with its lenders extending their facilities a number of times.

The Aim quotation will be cancelled and the post-merger shares quoted on Nasdaq.

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