ClearSign Technologies Corporation (NASDAQ: CLIR) saw its shares recede Friday morning, on revealing its new public offering. The company, an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, today announced the pricing of an underwritten public offering of 3,640,000 shares of its common stock at a price to the public of $1.11 per share, for gross proceeds of $4,040,400.
The company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 546,000 shares to cover over-allotments in connection with the offering, which if exercised in full would increase the gross proceeds to $4,646,460.
The offering is expected to close on or about June 1, subject to customary closing conditions.
ClearSign intends to use the net proceeds from the offering for working capital, research and development, marketing and sales, and general corporate purposes. Newbridge Securities Corporation is acting as the sole book-running manager of the offering
The company’s shares backed off 17 cents, or 13%, first thing Friday morning to $1.14.
