ClearSign Technologies Corporation, a leading provider of industrial combustion and sensing technologies, has successfully closed a public offering and private placement, raising approximately $9.3 million. The funds will be utilized for working capital, research and development, marketing and sales, and general corporate purposes.
The public offering involved the issuance of 4,620,760 shares of ClearSign’s common stock and redeemable warrants, allowing the purchase of up to an aggregate of 4,620,760 shares of common stock. The offering price was set at $0.91 per share, with accompanying warrants priced at $0.01 per warrant. The warrants have an exercise price of $1.05 per share and will expire five years from the date of issuance.
Concurrently, ClearSign completed a private placement, issuing an aggregate of 2,249,763 shares of common stock, pre-funded warrants for up to 3,155,642 shares of common stock, and redeemable warrants for up to 8,108,106 shares of common stock. The offering prices in the private placement were consistent with the public offering.
Public Ventures, LLC acted as the sole book-running manager for the public offering and as a placement agent for the private placement. The gross proceeds from both offerings amounted to approximately $9.3 million, excluding underwriting and placement agent discounts, commissions, and other offering-related expenses.
ClearSign Technologies Corporation aims to enhance the performance of combustion systems and fuel safety systems in various industries, including energy, commercial/industrial boiler, chemical, petrochemical, transport, and power industries. The company’s patented technologies, such as ClearSign Core™ and ClearSign Eye™, improve operational performance, energy efficiency, emission reduction, safety, and overall cost-effectiveness.
The securities offered in the public offering were made available through a prospectus supplement and an accompanying base prospectus, which were part of a shelf registration statement filed with the Securities and Exchange Commission (SEC). Interested parties can access the final prospectus supplement and accompanying base prospectus on the SEC’s website or by contacting Public Ventures, LLC.
The private placement was conducted under the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506(b) promulgated thereunder.
ClearSign Technologies Corporation cautions that forward-looking statements in this press release are subject to various risks, uncertainties, and other factors that could cause actual results to differ materially from the statements made. The company advises investors not to solely rely on these forward-looking statements as a prediction of actual results.
Overall, ClearSign Technologies Corporation’s successful public offering and private placement will provide the company with the necessary resources to further develop and promote its innovative technologies, contributing to improved energy efficiency, reduced emissions, and enhanced safety across various industries.