Tillkännagivande • Jun 05
Clean Power Hydrogen Suspends Factory Acceptance Testing of MFE220 1MW Unit Following Incident Clean Power Hydrogen Plc provided a further update following the announcement on 29 May 2026 regarding the incident at the Company's test site during the third and final stage of the factory acceptance testing of its MFE220 1MW unit. An incident occurred during a standard shutdown procedure which caused damage to the electrolyser and, in line with CPH2's health, safety and environmental protection processes, all operations were suspended at that point. A subsequent inspection at the test site and review of all available data indicate that the damage to the unit is significant and that it will not be possible to repair the system to allow the testing process to continue. The Company's insurers were immediately informed at the time of the incident and have visited the test site to begin their assessment. The exact cause of the incident remains under investigation and that process is expected to continue. Based on the preliminary review completed to date, the Company's Chief Technical Officer and Chief Operations Director have advised the Board that, in their opinion, the MFE220 unit will require substantial redesign to ensure that the mixed gas system can be operated safely in all conditions. The Board has concluded that the Company does not currently have the financial, engineering or technical resources required to undertake such a programme at this time. Accordingly, the Board has decided not to recommence activities relating to factory acceptance testing for the MFE220 electrolyser and instead will pursue alternative, non-manufacturing, commercial strategies. Tillkännagivande • May 30
Clean Power Hydrogen plc Provides Update on Mfe220 1Mw Factory Acceptance Test Clean Power Hydrogen plc, the developer of market disrupting and IP-protected Membrane-Free Electrolyser ("MFE") technology for the co-production of high purity hydrogen and above medical-grade purity oxygen, provides an update on the third and final Factory Acceptance Test ("FAT") of its MFE220 1MW unit. In the final stages of testing at the Company's dedicated and secure test site facility in Rossington, near Doncaster, the unit experienced an unexpected error, causing it to commence a standard shutdown procedure. During that shutdown procedure, the unit experienced an incident which has caused significant damage to the equipment. In line with the Company's health, safety and environmental protection processes, all operations have been suspended and a thorough investigation is underway into the causes of the original error and the subsequent failure. This unfortunate incident will materially delay successful completion of the FAT for the MFE220 unit which was previously expected during May 2026 and the Company will provide further updates in this regard in due course. The Company also confirms it has been engaged in discussions with certain existing shareholders and prospective new investors regarding a potential equity capital raise to support the next phase of technical and commercial development following completion of the FAT. In light of the incident during testing, these discussions have been paused pending greater technical clarity. As a result, the Company has a constrained working capital position and the Board is actively evaluating potential funding and strategic options to resolve the immediate liquidity requirement. The Company is reviewing its insurance position in relation to the incident and assessing the potential implications for its commercial arrangements with customers. These discussions and investigations are ongoing and, while the full impact on timing and contractual outcomes remains under review, the Board is focused on establishing a clear path forward and will provide further updates as appropriate. Due to the ongoing uncertainty regarding the Company's financial position, its current limited working capital and the circumstances noted above, the Company has requested that its shares are suspended from trading on AIM with effect from 7.30 a.m. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (UK£4.0k revenue, or US$5.4k). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (UK£7.0m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (UK£25.7m market cap, or US$34.7m). New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (UK£4.0k revenue, or US$5.3k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£6.3m net loss in 3 years). Market cap is less than US$100m (UK£16.8m market cap, or US$22.5m). New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (UK£4.0k revenue, or US$5.3k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£2.7m net loss in 3 years). Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (UK£19.5m market cap, or US$26.0m). New Risk • Oct 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (UK£4.0k revenue, or US$5.4k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£2.7m net loss in 3 years). Market cap is less than US$100m (UK£18.3m market cap, or US$24.6m). Tillkännagivande • Sep 04
Clean Power Hydrogen plc has completed a Follow-on Equity Offering in the amount of £0.327766 million. Clean Power Hydrogen plc has completed a Follow-on Equity Offering in the amount of £0.327766 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,555,315
Price\Range: £0.05
Transaction Features: Regulation S Tillkännagivande • Aug 28
Clean Power Hydrogen plc has filed a Follow-on Equity Offering in the amount of £0.3 million. Clean Power Hydrogen plc has filed a Follow-on Equity Offering in the amount of £0.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: £0.05
Transaction Features: Regulation S Tillkännagivande • Aug 01
Clean Power Hydrogen plc has filed a Follow-on Equity Offering in the amount of £6.5 million. Clean Power Hydrogen plc has filed a Follow-on Equity Offering in the amount of £6.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 130,000,000
Price\Range: £0.05
Transaction Features: Subsequent Direct Listing Tillkännagivande • Jul 02
Clean Power Hydrogen plc Announces Publication of Wastewater Treatment Efficiency Gains Oxygen Trials Yielding Energy and Efficiency Gains Oxygen Clean Power Hydrogen plc note the publication from specialist engineering company, Lagan MEICA ("Lagan"), on the benefits witnessed at Northern Ireland Water's ("NIW") site of using high purity oxygen, as part of a project which incorporates an MFE electrolyser in wastewater treatment. CPH2's MFE technology is currently operating at NIW's Duncrue Street site in Belfast, producing green hydrogen and oxygen. By using the oxygen-enriched air in secondary treatment, Lagan has observed a 15% reduction in aeration time, a 31% increase in ammonia removal, and a 13% reduction in energy consumption, amongst other efficiency gains. These efficiency gains translate into increased capacity and reduced sludge transportation and disposal. Upon scaling this process is expected to result in a significant reduction in cost for NI Water, whilst also producing a valuable fuel cell-grade hydrogen byproduct available for sale. Lagan's publication of the energy and efficiency gains at NIW's site has identified and quantified the benefits of oxygen-enriched aeration into secondary wastewater treatment processes using oxygen produced from green hydrogen electrolysis. The publication shows the potential benefits of using CPH2's technology at waste treatment plants, which can be replicated across multiple sites around the world. The commercial benefits of CPH2's technology at NIW's site will be further enhanced by the commercialisation of the fuel cell grade green hydrogen being produced at site. Being the first and only production of pure hydrogen and oxygen generated reliably by an electrolyser at scale in Northern Ireland, there are a number of potential uses available which all have significant effects in reducing carbon emissions for industry and transport in the area. Tillkännagivande • May 21
Clean Power Hydrogen Plc, Annual General Meeting, Jun 19, 2025 Clean Power Hydrogen Plc, Annual General Meeting, Jun 19, 2025. Location: doncaster racecourse, the royal suite, bawtry road, dn2 6bb, doncaster United Kingdom Price Target Changed • May 04
Price target decreased by 35% to UK£0.44 Down from UK£0.68, the current price target is provided by 1 analyst. New target price is 633% above last closing price of UK£0.06. Stock is down 51% over the past year. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£3.0m net loss in 2 years). Market cap is less than US$100m (UK£15.4m market cap, or US$20.4m). Tillkännagivande • Feb 24
Clean Power Hydrogen plc Completes Level 1 of Site Acceptance Test CPH2 announced that Level 1 of the Site Acceptance Test ("SAT") for its MFE110 electrolyser at Northern Ireland Water's site in Belfast has been successfully completed. Following the successful Factory Acceptance Test ("FAT") of its MFE110 electrolyser in September 2024 at CPH2's test site, the electrolyser continued to operate for ongoing testing and data collecting purposes. The MFE110 was then decommissioned and shipped in December 2024 to be installed and commissioned at the Northern Ireland Water's water treatment site in Belfast. The completion of the MFE110 Level 1 SAT marks the first of three stages within the SAT which run sequentially. The Level 1 SAT signifies verification that mechanical and electrical components are checked for completion, and that the MFE's build is aligned to the documentation and compliant to relevant safety standards. The successful test was undertaken by Lagan MEICA Limited, the Contractor to Northern Ireland Water, overseen by engineering firm Arup. Lagan MEICA Limited is now proceeding with Level 2 of the SAT protocol, which verifies the functionality of the MFE110 electrolyser and electrical installations in accordance with requirements, including functional testing of Programmable Logic Control functions on the physical system to demonstrate correct operation according to parameters. Completion of Level 3 SAT, expected in H1 2025, will mark the significant juncture of the first time scaled MFE technology is fully functioning and operational at a customer's site. Tillkännagivande • Jan 16
Clean Power Hydrogen Plc has completed a Follow-on Equity Offering in the amount of £0.04025 million. Clean Power Hydrogen Plc has completed a Follow-on Equity Offering in the amount of £0.04025 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 536,666
Price\Range: £0.075 Price Target Changed • Jan 07
Price target decreased by 38% to UK£0.41 Down from UK£0.67, the current price target is an average from 2 analysts. New target price is 461% above last closing price of UK£0.074. Stock is down 33% over the past year. The company is forecast to post a net loss per share of UK£0.015 next year compared to a net loss per share of UK£0.015 last year. Tillkännagivande • Dec 20
Clean Power Hydrogen Plc has filed a Follow-on Equity Offering in the amount of £6 million. Clean Power Hydrogen Plc has filed a Follow-on Equity Offering in the amount of £6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,000,000
Price\Range: £0.075
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 76,000,000
Price\Range: £0.075
Transaction Features: Regulation S New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£9.0m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£3.0m net loss in 2 years). Market cap is less than US$100m (UK£27.5m market cap, or US$35.6m). Tillkännagivande • Sep 27
Clean Power Hydrogen plc Announces Successful Factory Acceptance Test for Mfe110 Electrolyser Clean Power Hydrogen plc announced the successful completion of the Factory Acceptance Test ("FAT") for its MFE110 electrolyser, marking a major milestone for the company's technology. The final stage of the FAT for the MFE110 involved successfully verifying the safe and fully automated startup, operation, performance, and shutdown of the MFE110 unit to the pre-determined specification.During this operation, key metrics such as the unit's hydrogen and oxygen output pressure, flow rate, and purity levels were recorded. All metrics achieved the necessary thresholds, confirming that the unit can function effectively. The Level 3 test was witnessed by both Arup and Lagan MEICA and followed successful pre-commissioning checks (Level 1) and functional tests (Level 2). The MFE110 will now be shipped to Northern Ireland Water for site installation, integration, and commissioning, before commencing commercial hydrogen and oxygen production. This marks the most significant milestone in CPH2's journey to market, validating its Membrane-Free Technology as a viable alternative to PEM and Alkaline electrolysers. It also represents a crucial step forward for the MFE220, CPH2's flagship 1MW design. Capitalising on the successful MFE110 FAT, the Company now turns to a phase of Commerciality, where the focus moves from product development to commercialisation. The Commerciality Phase will consist of: delivering on existing three customer contracts for MFE220 units; activating the licensees and supporting them; continued technology and product improvement; and growing the commercial pipeline. The deliverables through the Commerciality Phase will be revenue generating, commercial MFE220 electrolysers working on customer sites and licensees commencing manufacturing. The capabilities developed and activities undertaken over the Commerciality Phase are expected to provide valuable learnings in preparation for scaling commercial activities. Tillkännagivande • Sep 05
Clean Power Hydrogen Plc to Report First Half, 2024 Results on Sep 27, 2024 Clean Power Hydrogen Plc announced that they will report first half, 2024 results on Sep 27, 2024 Major Estimate Revision • May 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 losses of -UK£0.016 per share expected, vs -UK£0.014 per share profit forecast previously. Revenue forecast reaffirmed at UK£9.97m. Machinery industry in the United Kingdom expected to see average net income growth of 7.1% next year. Consensus price target down from UK£0.81 to UK£0.74. Share price fell 4.1% to UK£0.12 over the past week. Tillkännagivande • May 12
Clean Power Hydrogen Plc, Annual General Meeting, Jun 19, 2024 Clean Power Hydrogen Plc, Annual General Meeting, Jun 19, 2024. Location: the royal suite, doncaster racecourse, leger way, dn2 6bb, doncaster United Kingdom Breakeven Date Change • Apr 21
No longer forecast to breakeven The 2 analysts covering Clean Power Hydrogen no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of UK£1.50m in 2025. New consensus forecast suggests the company will make a loss of UK£4.50m in 2025. New Risk • Apr 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£4.6m net loss in 2 years). Market cap is less than US$100m (UK£38.9m market cap, or US$48.1m). New Risk • Apr 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£1.2m net loss in 2 years). Market cap is less than US$100m (UK£40.9m market cap, or US$51.7m). New Risk • Oct 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: UK£3.9m Forecast net loss in 2 years: UK£1.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£1.2m net loss in 2 years). Market cap is less than US$100m (UK£51.1m market cap, or US$62.1m). Major Estimate Revision • Sep 22
Consensus revenue estimates decrease by 99%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from UK£4.67m to UK£40.0k. EPS estimate increased from -UK£0.019 to -UK£0.018 per share. Machinery industry in the United Kingdom expected to see average net income growth of 5.1% next year. Consensus price target of UK£0.89 unchanged from last update. Share price fell 3.5% to UK£0.20 over the past week. New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£56.4m market cap, or US$69.8m). Price Target Changed • Jun 08
Price target decreased by 16% to UK£0.98 Down from UK£1.16, the current price target is an average from 2 analysts. New target price is 326% above last closing price of UK£0.23. Stock is down 49% over the past year. The company is forecast to post a net loss per share of UK£0.019 next year compared to a net loss per share of UK£0.013 last year. Major Estimate Revision • Jun 07
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from UK£5.35m to UK£4.67m. Forecast losses increased from -UK£0.019 to -UK£0.019 per share. Machinery industry in the United Kingdom expected to see average net income growth of 4.0% next year. Consensus price target of UK£0.98 unchanged from last update. Share price fell 11% to UK£0.24 over the past week. Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The analyst covering Clean Power Hydrogen expects the company to break even for the first time. New forecast suggests the company will make a profit of UK£2.30m in 2024. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Tillkännagivande • Jan 27
Clean Power Hydrogen plc Announces Appointment of Paul Cassidy as Chief Technical Officer CPH2, announced the appointment of Paul Cassidy as Chief Technical Officer ("CTO") and Director of Clean Power Hydrogen Group Ltd. It is expected that Paul's employment will be effective from 22nd March 2023. Paul will join CPH2 from Johnson Matthey Catalyst Technologies, where he has been a Technology Manager since 2009, spending almost 10 years as the Technology Manager for Methanol and four years as the Technology Manager for Ester Hydrogenation Technologies. Paul has a wealth of knowledge in the engineering and technology field, with a track record of scaling up technologies from the laboratory to implementation at commercial scale. Paul has significant experience and insight into the methanol industry as well as its linked application in hydrogen-based technologies and markets. Paul received a Master of Engineering from the University of Cambridge and has won multiple awards in the sector including the2016 Institution of Chemical Engineers Global Awards, Outstanding Achievement Award and Industry Project Award for Gas Heated Reforming Development and Commercialization and the 2014 Institution of Chemical Engineers Sustainable Technology Award. As CTO, Paul will be focused on getting the MFE220 into production for both CPH2 and license holders. CPH2 will continue to work with Fabrum's Technical Director, Hugh Reynolds, who has been assisting the company on a part time basis during the search for a CTO. Hugh and the Fabrum team will continue to advise on the improvements of the cryogenics system during the handover period. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from UK£130.0k to UK£100.0k. EPS estimate reaffirmed at -UK£0.55 per share. Machinery industry in the United Kingdom expected to see average net income growth of 12% next year. Consensus price target of UK£1.16 unchanged from last update. Share price rose 7.6% to UK£0.32 over the past week. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. CEO & Director Jon Duffy was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 31
Full year 2021 earnings released: UK£0.36 loss per share (vs UK£0.094 loss in FY 2020) Full year 2021 results: UK£0.36 loss per share (down from UK£0.094 loss in FY 2020). Net loss: UK£3.32m (loss widened 290% from FY 2020). Over the next year, revenue is forecast to grow 21,793%, compared to a 10% growth forecast for the industry in the United Kingdom. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Director Rick Smith was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 17
Clean Power Hydrogen Plc has completed an IPO in the amount of £30.473018 million. Clean Power Hydrogen Plc has completed an IPO in the amount of £30.473018 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 67,717,818
Price\Range: £0.45
Transaction Features: Regulation S 