World News: 14:10 GMT Thursday 6th December 2018. [ClearOne, Inc. via Globe Newswire via SPi World News]
SALT LAKE CITY, Dec. 06, 2018 (GLOBE NEWSWIRE) -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, announced today that the closing of the Company’s rights offering (the “Offering”) of $1.20 per share was completed on December 4, 2018 (the “Closing Date”) and that it raised the full gross proceeds of $10.0 million in the offering.
Pursuant to the Offering, ClearOne sold 8,306,535 shares and returned subscription for 754,868 shares that were oversubscribed after allocating oversubscribed shares on a pro-rata basis. Investors who participated in the Offering should expect to see the shares in their account within five business days from the Closing Date. Additionally, the balance of funds that were not allocated to the oversubscription of the Offering will be returned to participants within five business days from the Closing Date through the same method by which they participated in the Offering.
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 unlawful 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.
Globe Newswire: 14:10 GMT Thursday 6th December 2018
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