- ClearSign Combustion (NASDAQ:CLIR) +15.4% premarket on signing an agreement with an investment group, clirSPV LLC, to raise gross proceeds of $11.7M in a private placement of 5,213,543 common shares at a per-share price of $2.25.
- Steve Pirnat, Chairman and CEO of ClearSign said, "We are pleased to have been approached unsolicited by this group for consideration and strategic investment. We believe that the capital they're providing will allow us to execute on the Company's growth plan without the distraction of future capital raises. We look forward to focusing on our expanding pipeline of commercial opportunities with new and existing customers."
- The company expects to use the net proceeds from the offering to accelerate penetration of its technologies into target verticals in domestic and international markets, continue its product development efforts and for general and administrative purposes.
- The offering is expected to close on or about July 20.
- clirSPV will own approximately 19.9% of the company's common stock.
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