ClearSign Technologies (NASDAQ:CLIR) shares are trading sharply lower in after-hours trading on Thursday.
CLIR shares fell 20.18% to $3.64 in after-hours trading after the company announced a proposed underwritten public offering of common stock.
ClearSign Technologies is a Tulsa, Oklahoma-based company that develops combustion and sensing technologies designed to reduce emissions, improve energy efficiency and support the use of cleaner fuels, including hydrogen.
Public Offering Announcement
The company announced that it intends to sell shares of its common stock in an underwritten public offering. All shares offered will be sold by ClearSign. The company also plans to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares offered.
ClearSign said it intends to use the net proceeds from the offering for working capital, research and development, marketing and sales activities, and other general corporate purposes.
The company noted that the final size and terms of the offering will depend on market conditions and that there is no assurance regarding when or whether the offering will be completed.
Newbridge Securities Corporation is acting as the sole book-running manager for the offering.
Trading Analysis
ClearSign Technologies currently has a market capitalization of approximately $24.67 million, with a 52-week high of $11.20 and a 52-week low of $3.24.
The stock is down 29.85% over the past 12 months.
Price Action: According to market data, CLIR closed Thursday’s regular trading session at $4.56. Shares later fell 20.18% in after-hours trading to $3.64.
Benzinga Edge Stock Rankings indicate that CLIR shares currently maintain negative short, medium and long-term price trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
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