Deal also has $1.8 million greenshoe, funds research and development
By Devika Patel
Knoxville, Tenn., April 25 - ClearSign Combustion Corp. priced a $12 million initial public offering of stock with a $1.8 million greenshoe in a prospectus filed Wednesday with the Securities and Exchange Commission. It expects its shares to trade on the Nasdaq under the symbol "CLIR."
The company will sell 3 million common shares at $4.00 apiece.
Settlement is expected April 30.
MDB Capital Group LLC is the underwriter.
Proceeds will be used for research and development, including capital expenditures, protection of intellectual property, exploration of market opportunities and working capital and general corporate purposes.
The Seattle-based company develops technologies that enhance the energy efficiency and emissions control characteristics of combustion systems.
| Issuer: | ClearSign Combustion Corp.
|
| Issue: | Common stock
|
| Amount: | $12 million
|
| Greenshoe: | $1.8 million
|
| Shares: | 3 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Underwriters: | MDB Capital Group LLC
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Stock symbol: | Nasdaq: CLIR
|
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