ClearSign announces 1-for-10 reverse stock split

ClearSign (CLIR) announced a 1-for-10 reverse stock split of its outstanding common stock. The reverse stock split will become effective at 12:01 a.m. ET on March 16. The common stock is expected to begin trading on a split-adjusted basis on Nasdaq under the same symbol when the market opens on March 16. The reverse stock split was approved by the company’s stockholders at the company’s special meeting of stockholders held on February 26. The reverse stock split is intended to increase the per share trading price of the company’s common stock to regain compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. The reverse stock split will reduce the number of outstanding shares of the company’s common stock from approximately 54.1M shares pre-reverse split to approximately 5.41M shares post-reverse split.