ClearSign Technologies Acquires Clean Combustion Technologies

Ticker: CLIR · Form: 8-K · Filed: Jun 7, 2024 · CIK: 1434524

Sentiment: neutral

Topics: acquisition, asset-purchase, financing

TL;DR

ClearSign buying Clean Combustion Tech to boost its burner game.

AI Summary

ClearSign Technologies Corporation announced on June 3, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets of Clean Combustion Technologies, LLC. The acquisition is expected to close in the third quarter of 2024 and will be funded through a combination of cash on hand and a new credit facility. This move is anticipated to enhance ClearSign's product offerings and expand its market reach.

Why It Matters

This acquisition is expected to bolster ClearSign's technological capabilities and market presence in the industrial combustion sector, potentially leading to increased revenue and competitive advantage.

Risk Assessment

Risk Level: medium — Acquisitions inherently carry integration risks, potential overpayment, and the possibility of not achieving expected synergies.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing reports on the material event of ClearSign Technologies Corporation entering into a definitive agreement to acquire substantially all of the assets of Clean Combustion Technologies, LLC.

When is the acquisition of Clean Combustion Technologies expected to close?

The acquisition is expected to close in the third quarter of 2024.

How will the acquisition of Clean Combustion Technologies be funded?

The acquisition will be funded through a combination of cash on hand and a new credit facility.

What is the previous name of ClearSign Technologies Corporation?

The former company name was Clearsign Combustion Corp, with a date of name change on May 7, 2008.

What is the principal executive office address for ClearSign Technologies Corporation?

The principal executive office is located at 8023 E. 63rd Place, Suite 101, Tulsa, Oklahoma 74133.

Filing Stats: 546 words · 2 min read · ~2 pages · Grade level 13.1 · Accepted 2024-06-07 17:30:06

Filing Documents

01 Other Events

Item 8.01 Other Events. On June 3, 2024, the board of directors (the "Board") of ClearSign Technologies Corporation (the "Company"), upon recommendation of the Board's Nominating and Corporate Governance Committee (the "Governance Committee"), vacated the position of Chairman of the Board (the "Chairman"), effective immediately, and, until such time a successor Chairman is appointed by the Board, such position of Chairman shall remain vacant and the function of the Chairman at each Board meeting will be filled by the person designated as such at each Board meeting, in accordance with the Company's bylaws, or by the Board's lead independent director (the "Lead Independent Director"). The Company's former Chairman continues to serve as a member of the Board after this corporate governance structure change. The Governance Committee's recommendation was based on its strategic review of the Company's corporate governance structure, its intention to enhance the Company's corporate governance practices and balance the Board's role with the Company's executive management team and the position that no member of the Board should now have the powers of the Chairman as currently articulated in the Company's bylaws.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: June 7, 2024 CLEARSIGN TECHNOLOGIES CORPORATION By: /s/ Colin James Deller Name: Colin James Deller Title: Chief Executive Officer

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