Shares of ClearOne, Inc. (CLRO) jumped over 118% on Tuesday morning after the company announced a special one-time stock dividend.
CLRO is currently trading at $12.80, up $6.95 or 118.94%, on a volume of 23 million shares, above average volume of 24 thousand, on the Nasdaq. The stock opened its trading at $12.59 after closing Monday at $5.86. The stock has traded between $4.35 and $21.00 in the past 52-week period.
ClearOne announced that its Board of Directors has declared a one-time special stock dividend on its issued and outstanding shares of common stock and any common stock equivalents with dividend rights, to provide its legacy stockholders with a 100% stake in the proceeds from any eventual sale of all or substantially all of the company's current assets and operations in one or more transactions.
The special stock dividend is part of the company's ongoing strategic process and in support of its previously disclosed plan to pursue one or more transactions, including the Asset Sale, and involves issuing to holders of common stock and common stock equivalents one share of the company's Class A redeemable preferred stock.
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