CW Petroleum, a wholesale distributor of non-branded diesel fuel and gasoline, announced terms for its Nasdaq uplisting on Tuesday. The company is currently listed on the OTC (CWPE).
The Katy, TX-based company plans to raise $15 million by offering 3 million units at a price range of $4.50 to $5.50. Each unit consists of one share of common stock and one warrant, exercisable at 100% of the IPO price. At the midpoint of the proposed range, CW Petroleum would command a market value of $46 million.
Because the company is offering units with warrants attached, CW Petroleum will be excluded from Renaissance Capital's 2022 IPO stats.
CW Petroleum supplies and distributes biodiesel, biodiesel blends, ultra-low sulfur diesel, gasoline blends, "renewable gasoline," and a proprietary EPA-approved reformulated no ethanol gasoline. Its customers include independent fuel retailers, independent and chain convenience stores that also sell gasoline and diesel fuel, marinas that sell diesel and gasoline to power boat owners, and fuel distributors that deliver to their own customers.
CW Petroleum was founded in 2005 and booked $8 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol CWPE. EF Hutton is the sole bookrunner on the deal.
