TMCnet News
ClearOne Announces Expiration of Oversubscribed Rights OfferingSALT LAKE CITY, UTAH, Dec. 03, 2018 (GLOBE NEWSWIRE) -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, announced today the expiration of the Company’s rights offering (the “Offering”) that was oversubscribed. The subscription period for its previously announced rights offering of common stock at a subscription price of $1.20 per share expired on November 28, 2018, and these rights are no longer exercisable. Total subscription will be reduced pro-rata to the maximum offering of 8,306,535 shares. Preliminary estimates indicate that the Company will be raising the full gross proceeds of $10.0 million in the Offering. The results of the oversubscribed Offering and ClearOne’s estimates regarding the aggregate gross proceeds of the Offering to be received by ClearOne are subject to finalization and verification by its subscription agent. ClearOne anticipates that the closing of the Offering will occur on or about December 5, 2018, subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, either in the form of direct registration in book-entry or through the facilities of DTC, as applicable, shares of ClearOne common stock to holders of rights who have validly exercised their rights and paid the subscription price in full. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawfu prior to registration or qualification under the securities laws of any such state or jurisdiction. The rights offering is being made pursuant to ClearOne’s effective registration statement on Form S-1 (Reg. No. 333-227530) on file with the U.S. Securities and Exchange Commission (the “SEC”). The registration statement was declared effective by the SEC on November 5, 2018. The registration statement is available on our website as well as under the SEC’s web site at http://www.sec.gov. The rights offering is being made only by means of a written prospectus forming part of the effective registration statement. About ClearOne Safe Harbor Statement
Contact: Investor Relations 801-975-7200 [email protected] http://investors.clearone.com |