The merger between Catalytic Solutions Inc and former Aim company Clean Diesel Technologies is still awaiting the go ahead from the SEC in the US.
The SEC has to review the registration statement in order for the merger, which was announced in May, to happen and the combined group to join Nasdaq. Shareholders will vote on the merger after the SEC gives its approval so the completion of the merger is still some way off.
The delays mean that Catalytic needs to extend its existing loan agreement with Fifth Third Bank and discussions are continuing. Catalytic is also talking to the holders of its loan notes which are repayable by 17 August.
The share price of Catalytic has fallen 0.125p to 2.25p.
Catalytic says that its ECS Actifilter SG diesel particulate filter (DPF) emissions reduction system has been approved by the US Environmental Protection Agency. The system uses the company’s catalyst technology and can be retro-fitted to trucks.
Catalyst reported a profit of $2.87m in the first quarter of 2010 but that was down to a $3.9m gain on the sale of intellectual property. R&D spending was cut from $1.72m to $988,000. Net debt was $4.38m.
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