ClearOne, Inc. (Nasdaq: CLRO) (“ClearOne” or the “Company”) today announced that it has entered into definitive agreements with institutional and accredited investors, with the participation of Edward D. Bagley, the Company’s largest stockholder, and Zeynep Hakimoglu, the Company’s Chief Executive Officer, for the purchase and sale of an aggregate of 2,116,050 shares of its common stock at a purchase price of $2.4925 per share in a registered direct offering priced at-the-market under Nasdaq rules.
The Company also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 1,058,025 shares of common stock. The warrants have an exercise price of $2.43 per share, are exercisable immediately, and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about September 16, 2020, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the registered direct offering are expected to be approximately $5.275 million, before deducting the placement agent’s fees and other offering expenses payable by ClearOne. ClearOne currently intends to use the net proceeds from this offering for general corporate purposes and working capital. […]