ClearSign Tech. Prices Public Offering Of 3.64 Mln Shares At $1.11/shr

ClearSign Technologies Corporation (CLIR), a combustion and sensing technologies provider, on Friday announced the pricing of its latest underwritten public offering of 3.64 million shares at $1.11 per share, for gross proceeds of $4.04 million.

With this offering, expected to close on or about June 1, ClearSign aims to use the net proceeds for working capital, research and development, marketing and sales, and general corporate purposes.

The company has also granted the underwriters a 30-day option to purchase an additional 0.546 million shares at $1.11 per share to cover over-allotments in connection with the offering, which if exercised in full would raise the gross proceeds to $4.64 million.

Newbridge Securities Corporation is serving as the sole book-running manager of the offering.

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