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ClearSign Technologies Corporation Announces Pricing of $9.3 Million Public Offering and Concurrent Private Placement of Common Stock and Warrants
TULSA, Okla., April 19, 2024 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in
About this update from Clearsign Technologies Corporation
[{"type":"text","content":"TULSA, Okla., April 19, 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, today announced the pricing of an underwritten public offering of 4,620,760 shares of its common stock and redeemable warrants to purchase up to an aggregate of 4,620,760 shares of its common stock at a public offering price of $0.91 per share and $0.01 per accompanying warrant. The warrants will have an exercise price of $1.05 per share, are exercisable immediately upon issuance and redeemable upon certain conditions and will expire five years following the date of issuance.\n\n \n \n \n \n \n \n\n \nIn connection with the offering, ClearSign has granted the underwriters a 45-day option to purchase up to an additional 15% of shares of common stock or shares of common stock and accompanying warrants at the public offering prices, less underwriting discounts and commissions.\nIn a private placement to be completed concurrently with the completion of the public offering, ClearSign will issue to an accredited investor an aggregate of 5,405,405 shares of common stock (or pre-funded warrants in lieu thereof) and redeemable warrants to purchase up to 8,108,108 shares of common stock. The offering prices in the private placement are $0.91 per share and $0.015 per one and a half warrant. The redeemable warrants issued in the private placement will be exercisable at an exercise price of $1.05 per share, will be exercisable beginning six months after issuance, redeemable upon certain conditions and expire five years from the date of issuance.\nPublic Ventures, LLC is acting as the sole book-running manager for the public offering and as a placement agent for the private placement.\nClearSign expects to receive aggregate gross proceeds from the public and private offering, excluding the exercise of the underwriters' overallotment option, of approximately $9.3 million, excluding underwriting and placement agent discounts and commissions and other offering-related expenses.\nBoth offerings are expected to close on or about April 23, 2024, subject to customary closing conditions.\nClearSign intends to use the net proceeds from the offerings for working c...