UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, pursuant to a Stock Purchase Agreement, dated July 12, 2018, by and between ClearSign Technologies Corporation (the “Company”) and clirSPV LLC, the Company granted to clirSPV LLC a right to purchase certain new equity securities that it sells for the purpose of raising capital on terms and conditions no different from those offered to other purchasers (the “Purchase Right”); provided that this Purchase Right cannot be exercised to the extent it would cause clirSPV LLC to own 20% or more of the Company’s then outstanding shares of common stock or hold shares with 20% or more of the voting power of the Company. The Purchase Right was to expire on December 31, 2023.
On May 26, 2022, in connection with a waiver of the Purchase Right’s notice requirements and other related closing mechanics for such Purchase Right (the “Waiver”), the Company and clirSPV LLC agreed that the Purchase Right may be extended from December 31, 2023 to such date that the holders of two-thirds of the outstanding units of clirSPV LLC agree (the “Investor Holder Consent”) to extend each such holder’s existing agreement that he/she/it will have no right to force a redemption of his/her/its interests in clirSPV LLC (the “Redemption Right”); provided, however, that clirSPV LLC provide written notice to the Company of the Investor Holder Consent prior to December 31, 2023.
On December 30, 2023, the Company received notice from clirSPV LLC that the holders of at least two-thirds of the outstanding units of clirSPV LLC agreed to extend the waiver of the Redemption Right until December 31, 2024. Accordingly, the Purchase Right will now expire on December 31, 2024.
Robert T. Hoffman Sr., a member of the Company’s board of directors, is the managing member of GPclirSPV LLC, which is the managing member of clirSPV LLC.
For more information about the Stock Purchase Agreement and the Waiver, please see the Company’s current reports on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on July 17, 2018 and May 31, 2022, respectively, as well as the information contained in the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2023 filed by the Company with the SEC on November 14, 2023.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 5, 2024
| CLEARSIGN TECHNOLOGIES CORPORATION | ||
| By: | /s/ Colin James Deller | |
| Name: | Colin James Deller | |
| Title: | Chief Executive Officer | |
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Cover |
Dec. 30, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Dec. 30, 2023 |
| Entity File Number | 001-35521 |
| Entity Registrant Name | CLEARSIGN TECHNOLOGIES CORPORATION |
| Entity Central Index Key | 0001434524 |
| Entity Tax Identification Number | 26-2056298 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 8023 E. 63rd Place, Suite 101 |
| Entity Address, City or Town | Tulsa |
| Entity Address, State or Province | OK |
| Entity Address, Postal Zip Code | 74133 |
| City Area Code | 918 |
| Local Phone Number | 236-6461 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | CLIR |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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