ClearSign Technologies Corporation announces it has entered in a securities purchase agreement to issue 5,405,405 shares of common stock and redeemable warrants to purchase up to an aggregate of 8,108,108 shares of common stock in a ratio of one and a half Private Warrants for every one Private Share sold in the Concurrent Private Offering at a issue price of $0.925 per Share and accompanying one and a half Private Warrants, for aggregate gross proceeds of $5,000,000 on April 19, 2024. The Private Warrants will be exercisable at an exercise price of $1.05 per share, will be exercisable 6 months after issuance and will expire 5 years from the date of issuance. The transaction is expected to close on April 23, 2024.

The transaction included participation from individual investor, Andrew Schwartzberg. As a part of the transaction, the company may pay $519,000 as issuance fee in the transaction.