ClearSign Technologies Announces Full Exercise of Participation Right Granted to clirSPV LLC and Board Transition
TULSA, Okla., June 20, 2024 /PRNewswire/ — ClearSign Technologies Corporation (Nasdaq: CLIR) (“ClearSign” or the “Company”), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announces that clirSPV LLC (“clirSPV”) exercised its participation right (as modified from time to time, the “Participation Right”) that was granted to clirSPV pursuant to the terms of that certain Stock Purchase Agreement, dated July 12, 2018 (the “Purchase Agreement”), which will result in gross proceeds of approximately $4.3 million. The Participation Right is being exercised in connection with the Company’s recently consummated underwritten public offering and concurrent private placement. ClearSign intends to use the proceeds for working capital, research and development, marketing and sales, and general corporate purposes. Additionally, Robert T. Hoffman, Sr. has resigned from the Company’s Board of Directors (the “Board”), effective as of June 16, 2024, and, following his resignation, clirSPV nominated a successor designee that is currently engaged in the Company’s formal vetting process.