ClearOne, Inc. (NASDAQ:CLRO) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sale of Equity Securities.
On December 17, 2019, ClearOne, Inc. (the “Company”) completed its previously announced issuance and sale of $3,000,000 of secured convertible notes of the Company (the “Notes”) and warrants (the “Warrants”) to purchase 340,909 shares of common stock, par value $0.001 per share of the Company (the “Common Stock”), in a private placement transaction exemption from registration to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder. The Notes and Warrants were issued and sold to Edward D. Bagley, an affiliate of the Company, on the terms and conditions of a Note Purchase Agreement dated December 8, 2019 between the Company, certain subsidiary guarantors of the Company, and Mr. Bagley, as further described in the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on December 9, 2019 and is incorporated herein by reference.
The Company intends to use the proceeds from the sale of the Notes and Warrants for general corporate purposes and working capital.
Item 7.01 Regulation FD.
See Item 3.02 above which is incorporated herein by reference.
About ClearOne, Inc. (NASDAQ:CLRO)
ClearOne, Inc. (ClearOne) is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio/voice and visual communications. The Company designs, develops, markets and services a line of conferencing products for personal use, as well as traditional tabletop, mid-tier professional products for large, medium and small businesses. The Company’s end users range from companies and institutions to small and medium-sized businesses, higher education and government organizations, as well as individual consumers. The Company sells its commercial products to end users primarily through a network of independent distributors, who in turn sells its products to dealers, systems integrators and other resellers. Its products are categorized into the Professional audio communication products; Unified communications audio end points, and Visual communication products. The Company’s products include CONVERGE Pro, INTERACT and MAX.