Environmental technology firm Midwest Energy Emissions withdraws $20 million Nasdaq uplisting
August 24, 2022
Midwest Energy Emissions, which provides mercury capture solutions for power plants, withdrew its plans for an initial public offering on Wednesday. It originally filed in November 2021 with a proposed deal size of $20 million, but had not updated its prospectus since then. The company is currently listed on the OTC (MEEC).
Midwest Energy Emissions provides mercury capture solutions through a patented two-part Sorbent Enhancement Additive (SEA) process. The company’s mercury removal technologies and systems achieve mercury removal levels which meet or exceed the requirements of Mercury and Air Toxics Standards (MATS). Its SEA technology was originally developed by the University of North Dakota’s Energy and Environmental Research Center.
The Corsicana, TX-based company was founded in 1983 and booked $10 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol MEEC. Roth Capital and EF Hutton were set to be the joint bookrunners on the deal.