Aduro Clean Technologies Inc. has filed a registration with the U.S. Securities and Exchange Commission (SEC) for a possible initial public offering (IPO) on the New York Stock Exchange (NYSE) American.

London, Ont.-based Aduro has applied to list its common shares on the NYSE American exchange, the small-cap exchange for growing companies. The number of shares to be offered and the price for the offering have not been yet determined, an Aduro release states.

The offering is expected to take place after the SEC completes its review process. No timeline for that process was available.

Aduro is a company developing a process called Hydrochemolytic Technology (HCT) that breaks down plastic into recyclable liquid or low-carbon fuels, and makes fuel from vegetable and animal fats.

“For every carbon atom that you keep in a loop, you save CO2 (carbon dioxide) in the end,” chief revenue officer Eric Appelman previously told Sustainable Biz Canada in an interview.

The company is currently listed on the Canadian Securities Exchange (CSE) under the symbol ACT-CN, OTC Markets (OTCQX) as ACTHF and the Frankfurt Stock Exchange (FSE) as 9D50.

Aduro’s finances

For a nine-month period ended Feb. 29, Aduro reported having $2.1 million in cash and cash equivalents on hand while operating at a loss of $5.7 million.

Its share price on the CSE has been on the rise, hitting a three-month high of $1.52 as of 9:40 a.m. ET Tuesday.

On the OTCQX, its shares opened at $1.07 US, below its peak of $1.20 US in January 2024 but in line with the rest of the year.

Similarly, the FSE showed a spike in its price in January 2024 that levelled off through the most recent months. As of Tuesday morning, the shares stood at 0.94 euros.

About Aduro

Aduro was co-founded in 2011 by CEO Ofer Vicus and chief technology officer Marcus Trygstad. HCT uses metal compounds to split carbon bonds, which does not use significant amounts of energy.

Plastics such as polyethylene or polystyrene can be recycled, reducing demand for more petroleum to create more plastics. HCT is also a less energy-intensive means of processing bitumen and heavy oil, and can produce biofuels from cooking oil or tallow.

Aduro has an HCT demonstration unit in Sarnia, Ont. The company announced this month it is conducting “semi-industrial scale experiments” to prepare its Next Generation Process needed for commercialization. Other steps include finalizing its collaborations with participants in its customer engagement program and growing its intellectual property portfolio.

“Our strategic initiatives for 2024 are designed to solidify our position in the industry,” Vicus said in a release. “The strides we’ve made in refining the configuration of our Next Generation Process are a testament to our team’s dedication and expertise. These advancements are not just incremental improvements; they are transformative steps towards a more sustainable future.”