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ClearSign Technologies Corporation Announces Full Exercise of Purchase Right Granted to clirSPV LLC
TULSA, Okla., July 12, 2022 /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., July 12, 2022 /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, 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 and between the Company and clirSPV LLC on May 26, 2022. As a result of the Company's underwritten public offering completed on June 1, 2022, and pursuant to the Purchase Right, clirSPV LLC has purchased its entire allotment of 1,591,594 shares at a price of $1.11 per share for aggregate proceeds of approximately $1,766,669. ClearSign intends to use the proceeds for working capital, research and development, marketing and sales, and general corporate purposes.\n\n \n \n \n \n \n \n\n \n\"On behalf of clirSPV, we are pleased to participate in this most recent round of funding to not only regain the SPV's 19.99% percentage ownership of the Company's outstanding common stock but also importantly to continue to support ClearSign's commercial growth,\" said Robert T. Hoffman Sr., Chairman of the Board of ClearSign and Managing Member of clirSPV LLC. Mr. Hoffman continued, \"Compared to the SPV's initial investment in 2018, we believe the Company is now in a much better position. ClearSign has an excellent management team at the helm, has improved the range of products, there are manufacturing and sales partnerships in place, and an initial burner size has been certified in China.\" \nclirSPV LLC WaiverIn connection with a private placement of the Company's stock pursuant to a Stock Purchase Agreement, dated July 12, 2018, between the Company and clirSPV LLC, as modified by that certain waiver, dated May 26, 2022, clirSPV LLC has a right to purchase unregistered shares of the Company's common stock in a number that will allow it to maintain or reobtain a 19.99% percentage ownership of the outstanding common stock following certain future equity offerings.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in...