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Clean Energy Technologies, Inc. (Nasdaq: CETY) has filed Amendment No. 6 to its Form S-3 shelf registration statement that would allow the company to:

• Conduct primary offerings of up to $70 million in common stock, warrants and/or units.
• Issue up to $25 million of common stock through an at-the-market Sales Agreement with Roth Capital Partners (the ATM is carved out of the $70 million total).
• Facilitate the resale of 90,000 shares by an existing shareholder.

Because CETY鈥檚 public float is only $14.7 million (May 9 2025), General Instruction I.B.6 caps any primary issuance to roughly $4.9 million in any rolling 12-month period until the float exceeds $75 million.

The company develops waste-heat recovery, waste-to-energy and natural-gas trading solutions. It operates in North America, Europe and Asia, with significant exposure to the PRC through wholly-owned subsidiaries and a 49 % stake in Sichuan Hongzuo Shuya Energy. After terminating a VIE agreement on 1 January 2024, Shuya is no longer consolidated, reducing reported revenue to $2.4 million and expanding the 2024 net loss to $4.4 million. Cash at year-end 2024 was only $0.06 million, while current liabilities reached $6.4 million, including $3.1 million in discounted convertible notes.

Key risks highlighted in the filing

• Extensive PRC legal, regulatory and cash-transfer restrictions; potential need for CSRC or CAC filings.
• Exposure to the Holding Foreign Companies Accountable Act (HFCAA) if PCAOB access becomes restricted.
• Nasdaq non-compliance with minimum bid price and annual meeting requirements.
• Possible significant dilution from the shelf and ATM given the small market capitalization.

Positive points include an auditor headquartered in the United States (TAAD LLP) that is currently inspected by the PCAOB, a diversified clean-energy strategy and the flexibility to raise capital quickly once market conditions permit.