Aduro Clean Technologies (Uplisting) reported $340,000 in revenue but incurred a net loss of $7.4 million in the past year. Its market cap stands at $130.9 million.
The IPO was underwritten by Craft Capital Management and EF Hutton.
Aduro Clean Technologies, a Canadian company, is uplisting to NASDAQ. The company, which already trades on the Canadian Securities Exchange, OTC, and Frankfurt Exchange, is focused on developing chemical recycling technologies. They have a range of unique technologies for plastics, bitumen, and renewable upgrades and hold eight patents (seven granted, one pending).
Their business model aims to generate income through licensing, royalties, and R&D while exploring various business strategies for optimal stakeholder value. Aduro plans to build commercial partnerships and validate their technologies through demonstration projects that report on performance and environmental impact.
Founded in 2011, Aduro’s key leaders are CEO Ofer Vicus and Principal Scientist W. Marcus Trygstad. They initially focused on upgrading heavy oils but have expanded to plastic, rubber tire recycling, and renewable oil processing.
The company is scaling its technology for commercial applications and is currently developing a semi-commercial pilot process. However, they face challenges, including untested technology in commercial settings, the need for significant funding, and regulatory uncertainty. They plan to engage with potential customers to refine their technology and development approach but have no formal partnerships yet.
Note: The provided financials are for the year ending May 31, 2024. Aduro plans to offer 1.1 million shares at $4.25 to $5.00 to raise $5.08 million in connection with the NASDAQ uplisting.
Aduro Clean Technologies is located at 542 Newbold St. London, Ontario, Canada. For inquiries, call (604) 362-7011 or visit their website at adurocleantech.com.
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