ClearSign Technologies Corporation Announces Closing of Public Offering

Rhea-AI Summary

ClearSign Technologies Corporation (Nasdaq: CLIR) has successfully closed its underwritten public offering of 2,587,500 shares of common stock at $2.00 per share, including the underwriter’s full exercise of a 337,500 shares over-allotment. The offering generated approximately $5,175,000 in gross proceeds before expenses. Proceeds will be allocated for working capital, research and development, marketing, sales, and other corporate purposes. The offering details were filed with the SEC, with National Securities Corporation acting as the book-running manager.

Positive

• Gross proceeds of approximately $5,175,000 can enhance the company's operational capabilities.
• Funds allocated for working capital, research and development, marketing, and sales positions the company for potential growth.

Negative

• The public offering may lead to shareholder dilution depending on future performance.

SEATTLE, Aug. 24, 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 closing of its previously announced underwritten public offering of 2,587,500 shares of its common stock at a public offering price of $2.00 per share.  The total offering includes 337,500 shares of the underwriter's exercise of its over-allotment which was exercised in full.   

Gross proceeds to ClearSign from this offering are approximately $5,175,000 before deducting underwriting discounts, commissions and other offering expenses.  ClearSign intends to use the net proceeds from the offering for working capital, research and development, marketing and sales, and general corporate purposes.

National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (Nasdaq: NHLD), is acting as the sole book-running manager of the offering.  The Liquid Venture Partners group at National Securities is responsible for sourcing and executing the offering.

The shares described above were offered by ClearSign pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC").  The final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from National Securities Corporation, Attn: Charles Wanyama, ECM -Syndicate, 200 Vesey Street, 25th Floor New York, NY 10281, email: cwanyama@yournational.com,  elephone: (212)-417-3634.  Electronic copies of the final prospectus supplement and accompanying base prospectus are also available on the SEC's website at http://www.sec.gov.

This 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 which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ClearSign Technologies Corporation
ClearSign Technologies Corporation (Nasdaq:CLIR) designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. The Company's patented technologies, embedded in established OEM products as ClearSign Core™, and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.

Safe Harbor
This press release contains forward-looking statements regarding the proposed public offering and the intended use of proceeds from the offering.  The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.  Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including those risks disclosed in the section "Risk Factors" included in the preliminary prospectus supplement filed with the SEC on August 19, 2020.  ClearSign cautions readers not to place undue reliance on any forward-looking statements.  The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

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SOURCE ClearSign Technologies Corporation

FAQ

What are the details of ClearSign's public offering on August 24, 2020?

ClearSign Technologies announced a public offering of 2,587,500 shares at a price of $2.00 per share, closing on August 24, 2020.

How much gross proceeds did ClearSign receive from the offering?

ClearSign received gross proceeds of approximately $5,175,000 from the offering before expenses.

What will ClearSign use the proceeds from the offering for?

The proceeds will be used for working capital, research and development, marketing, sales, and general corporate purposes.

Who managed ClearSign's public offering?

National Securities Corporation acted as the sole book-running manager for the offering.

What was the significance of the underwriter's over-allotment in ClearSign's offering?

The offering included a full exercise of the underwriter's over-allotment option, adding 337,500 shares to the total offering.