TULSA,
Okla., May 27, 2022 /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, 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, 2022,
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 shares described above are being offered by ClearSign
pursuant to a shelf registration statement previously filed with
and subsequently declared effective by the Securities and Exchange
Commission ("SEC"). A preliminary prospectus supplement
relating to the offering has been filed with the SEC and
is available on the SEC's website at http://www.sec.gov.
A final prospectus supplement describing the terms of the offering
will be filed with the SEC. The offering will be made only by
means of the prospectus supplement and the accompanying base
prospectus, as may be further supplemented by any free writing
prospectus and/or pricing supplement that the Company may file with
the SEC. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. Copies
of the preliminary prospectus supplement, and accompanying base
prospectus relating to this offering, may be obtained
from Newbridge Securities Corporation, Attn: Equity Syndicate
Department, 1200 North Federal Highway, Suite 400, Boca Raton, FL 33432, email:
syndicate@newbridgesecurities.com, telephone: (877) 447-9625.
About ClearSign Technologies
Corporation
ClearSign Technologies Corporation designs and develops products
and technologies for the purpose of improving key performance
characteristics of industrial and commercial systems,
including operational performance, energy efficiency, emission
reduction, safety and overall cost-effectiveness. Our patented
technologies, embedded in established OEM products as ClearSign
Core™, and ClearSign Eye™ and other sensing configurations,
enhance the performance of combustion systems and fuel safety
systems in a broad range of markets, including the energy (upstream
oil production and down-stream refining), commercial/industrial
boiler, chemical, petrochemical, transport and power industries.
For more information, please visit www.clearsign.com.
Cautionary note on forward-looking
statements
This press release contains forward-looking statements regarding
the proposed public offering and the intended use of proceeds from
the offering. The offering is subject to market and other
conditions and there can be no assurance as to whether or when the
offering may be completed or as to the actual size or terms of the
offering. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual
results to differ materially, including those risks disclosed in
the section "Risk Factors" included in the preliminary prospectus
supplement filed with the SEC on May 26,
2022. ClearSign cautions readers not to place undue reliance
on any forward-looking statements. The Company does not undertake,
and specifically disclaims any obligation, to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur.
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SOURCE ClearSign Technologies Corporation