ClearSign Technologies (CLIR) Announces Full Exercise of 1.59M Share Purchase Right by clirSPV at $1.11/sh

ClearSign Technologies Corporation (Nasdaq: CLIR) today announced the exercise in full by clirSPV LLC of the purchase right (the "Purchase Right") granted to it pursuant to the terms of the waiver, described below, entered into by and between the Company and clirSPV LLC on May 26, 2022. As a result of the Company's underwritten public offering completed on June 1, 2022, and pursuant to the Purchase Right, clirSPV LLC has purchased its entire allotment of 1,591,594 shares at a price of $1.11 per share for aggregate proceeds of approximately $1,766,669. ClearSign intends to use the proceeds for working capital, research and development, marketing and sales, and general corporate purposes.

"On behalf of clirSPV, we are pleased to participate in this most recent round of funding to not only regain the SPV's 19.99% percentage ownership of the Company's outstanding common stock but also importantly to continue to support ClearSign's commercial growth," said Robert T. Hoffman Sr., Chairman of the Board of ClearSign and Managing Member of clirSPV LLC. Mr. Hoffman continued, "Compared to the SPV's initial investment in 2018, we believe the Company is now in a much better position. ClearSign has an excellent management team at the helm, has improved the range of products, there are manufacturing and sales partnerships in place, and an initial burner size has been certified in China."

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