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ClearSign Technologies Corporation Announces Exercise in Full of the Purchase Right Granted to clirSPV LLC
SEATTLE, Sept. 30, 2020 /PRNewswire/ -- ClearSign Technologies Corporation ("ClearSign" or "the Company") (Nasdaq: CLIR), an emerging leader in industrial
About this update from Clearsign Technologies Corporation
[{"type":"text","content":"SEATTLE, Sept. 30, 2020 /PRNewswire/ -- ClearSign Technologies Corporation (\"ClearSign\" or \"the Company\") (Nasdaq: CLIR), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, today announced the exercise in full by clirSPV LLC of the purchase right (the \"Purchase Right\") granted to it pursuant to the terms of the waiver, described below, entered into by the Company and clirSPV LLC on August 19, 2020. Pursuant to the Purchase Right, clirSPV LLC has purchased a total of 654,425 unregistered shares of common stock at a price of $2.00 per share. \n\n \n \n \n \n \n \n\n \nThe proceeds to ClearSign from the exercise of the Purchase Right totaled approximately $1,309,000. ClearSign intends to use the proceeds for working capital, research and development, marketing and sales, and general corporate purposes.\nIn connection with a private placement of the Company's common stock pursuant to a Stock Purchase Agreement dated July 12, 2018, the Company granted to clirSPV LLC a right to purchase certain new equity securities that the Company sells for the purpose of raising capital on terms and conditions no different from those offered to other purchasers (the \"Participation Right\") so that it could maintain a 19.99 percentage ownership of the Company's outstanding common stock (the \"Percentage Ownership\"). Because certain elements of the Participation Right, such as the notice provisions, were not compatible with raising capital in a public offering, in a written waiver dated August 18, 2020 and fully executed on August 19, 2020, clirSPV LLC waived its right to exercise the Participation Right in connection with the public offering the Company completed on August 24, 2020. In lieu of participating in that offering, the Company granted the Purchase Right to clirSPV LLC, thereby allowing it to purchase from the Company, at the price sold to investors in the offering, unregistered shares of its common stock in a number that would allow it to maintain its Percentage Ownership. \nAbout ClearSign Technologies CorporationClearSign Technologies Corporation (Nasdaq:CLIR) designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operat...