CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG) Files An 8-K Entry into a Material Definitive Agreement

CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG) Files An 8-K Entry into a Material Definitive Agreement

CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On February 23, 2021, China Recycling Energy Corporation, a Nevada corporation (the “Company”) entered into those certain securities purchase agreements (the “Purchase Agreements”) with several non-U.S. investors (the “Purchasers”), to which the Company agreed to sell to the Purchasers, an aggregate of up to 3,320,000 shares (the “Shares”) of common stock of the Company, par value $0.001 per share (“Common Stock”) at $11.522 per share, which is the five-day average closing price immediately prior to signing the Purchase Agreements. The Shares are being offered by the Company to an exemption from the registration requirements to Section 4(a)(2) and/or Regulation S of the Securities Act of 1933, as amended. 

The closing of the transaction is subject to the satisfaction of customary closing conditions in the Purchase Agreement. The Purchase Agreement contains customary representations, warranties and agreements of the Company and the Purchasers and customary rights and obligations of the parties thereto.  

The form of Purchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing summary of the terms of the Purchase Agreement is subject to, and qualified in its entirety by, the form of Purchase Agreement, which is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The applicable information set forth in Item 1.01 of this Form 8-K is incorporated by reference in this Item 3.02.

Item 8.01 Other Events.

On February 25, 2021, the Company issued a press release announcing the transaction. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.


Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Number Description
10.1 Form of Securities Purchase Agreement
99.1 Press Release, dated February 25, 2021

EX-10.1 2 ea136447ex10-1_chinarecyc.htm FORM OF SECURITIES PURCHASE AGREEMENT Exhibit 10.1   SECURITIES PURCHASE AGREEMENT   This Securities Purchase Agreement (this “Agreement”) is dated as of February 23,…
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China Recycling Energy Corporation is engaged in the recycling energy business, providing energy savings and recycling products and services. The Company develops waste energy recycling projects for industrial applications in China. It offers waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. Its waste pressure-to-energy solution consists of the blast furnace top gas recovery turbine unit (TRT), a system that utilizes high pressure gas emitted from the blast furnace top to drive turbine units and generate electricity. Its waste heat-to-energy solution consists of heat power generation projects for applications in cement, steel, coking coal and nonferrous metal industries, which collect the residual heat from various manufacturing processes, such as the entrance and exit ends of the cement rotary kilns, to generate electricity.