ClearOne (Nasdaq: CLRO), today announced that it received a letter from Nasdaq on December 23, 2022, notifying ClearOne that, because ClearOne’s stock has traded above $1.00 for 10 consecutive business days, ClearOne has regained compliance with Nasdaq Listing Rule 5550(a)(2).
“We are pleased to regain compliance with Nasdaq Listing Rules and to begin 2023 with a record cash position of over $57 million. We look forward to beginning an exciting new chapter of the ClearOne story that is full of promise and opportunity. As a first step, we repaid the $2 million bridge loan that we borrowed in October 2022,” said Derek Graham, ClearOne’s Interim CEO.
“After paying applicable taxes, we plan to use our cash to aggressively pursue revenue growth, eliminate debt, and reward our shareholders for their steadfast support of ClearOne through the difficult times we have faced in the past. We feel we have a bright future ahead of us,” added Graham.