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ClearSign Technologies Announces Full Exercise of Participation Right Granted to clirSPV LLC and Board Transition
TULSA, Okla., June 20, 2024 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial
About this update from Clearsign Technologies Corporation
[{"type":"text","content":"TULSA, Okla., June 20, 2024 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) (\"ClearSign\" or the \"Company\"), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announces that clirSPV LLC (\"clirSPV\") exercised its participation right (as modified from time to time, the \"Participation Right\") that was granted to clirSPV pursuant to the terms of that certain Stock Purchase Agreement, dated July 12, 2018 (the \"Purchase Agreement\"), which will result in gross proceeds of approximately $4.3 million. The Participation Right is being exercised in connection with the Company's recently consummated underwritten public offering and concurrent private placement. ClearSign intends to use the proceeds for working capital, research and development, marketing and sales, and general corporate purposes. Additionally, Robert T. Hoffman, Sr. has resigned from the Company's Board of Directors (the \"Board\"), effective as of June 16, 2024, and, following his resignation, clirSPV nominated a successor designee that is currently engaged in the Company's formal vetting process.\n\n\"On behalf of ClearSign and the Board, I want to thank Rob for his years of service and for the continued financial support of clirSPV,\" said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. \"Rob has been instrumental in fostering this company from research and development technology company to a viable commercial entity.\"\n\"This $4.3 million investment brings clirSPV's capital infusion up to a total of $19.1 million. There has been a great transformation of ClearSign since clirSPV's initial investment in 2018 and we believe the Company is now in a much better commercial position. Given the now in-field demonstrated efficacy of the products, combined with the recent BACT designation, we believe that the sales 'funnel' will turn into significant unit orders. We are encouraged by the partnerships and ongoing progress the company is making and the investor members in clirSPV believe that there is significant upside for this substantial incremental investment,\" said Robert T. Hoffman, Sr., former Board member of ClearSign and Managing Member of GPclirSPV LLC, which is the Managing Member of clirSPV LLC. \nclirSPV LLC Participatio...