EGM: Any news from the coal face, page-25

On the underwriting of the IPO by Roth Capital Partners, which is outlined in the F-1 .
Details of price/quantity etc will be completed when the prospectus is filed.

What does underwriting a stock mean?

In the securities market, underwriting involves determining the risk and price of a particular security. It is a process seen most commonly during initial public offerings, wherein investment banks first buy or underwrite the securities of the issuing entity and then sell them in the market.




ie. Roth Capital Partners are committed to purchase all ADSs offered by CDX and then sell to the public & dealers under certain conditions.

Roth Capital Partners, LLC (the “representative”) is acting as the representative of the underwriters and the book-running manager of the offering of the securities described in this prospectus. We will enter into an underwriting agreement with the representative of the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, on a firm commitment basis, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of ADSs listed next to its name in the following table:

The underwriters are committed to purchase all the ADSs offered by us other than those covered by the option to purchase additional ADSs described below

The underwriters propose to offer the ADSs directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at such price less a concession not in excess of US$ per ADS. After the initial offering of the ADSs to the public, if all of the ADSs are not sold at the initial public offering price, the underwriters may change the public offering price and the other selling terms.

Some of the underwriters are expected to make offers and sales both inside and outside the United States through their respective selling agents. All sales of securities in the United States will be made by broker-dealers registered with the SEC. Sales of any securities made outside of the United States may be made by affiliates of the underwriters




So, my understanding is we will receive the funds.
And Roth Capital are making sure there are folks ready to buy them at the " yet to be agreed " IPO price, they make a profit from the 7% discount to IPO price. And they get the option to purchase an additional 5% at the IPO price.