ClearOne Announces Entry into Merger Agreement with Cortigent, Inc., a Wholly-Owned Subsidiary of Vivani Medical
ClearOne, Inc.(Nasdaq: CLRO) (“ClearOne”) announced today that it has entered into a definitive agreement and plan of merger (the “Agreement”) among its wholly-owned subsidiary (“MergerSub”), Vivani Medical, Inc. (Nasdaq: VANI; “Vivani”), and Cortigent, Inc. (“Cortigent”), a wholly-owned subsidiary of Vivani, pursuant to which Cortigent will become a wholly-owned subsidiary of ClearOne (the “Transaction”) upon consummation.
In connection with the Transaction, ClearOne has agreed to file a registration statement on Form S-1 to raise a minimum of $10,000,000 and a maximum of $15,000,000 (the “Financing”) concurrently with the closing of the Transaction (the “Closing”).
“I am excited to announce this transaction. In my view, Cortigent's mission, to help patients recover sight and motor function through precision neurostimulation, is compelling given both the technical outlook for their neurostimulation technology and the significant unmet market needs that this technology seeks to address. I am proud that our company emerged as the best path forward to enable the next steps in that mission. We anticipate that the planned financing will give the combined company a strong foundation to move its pipeline forward. This was a unanimous decision by our board of directors, and we believe this transaction represents an important step for our shareholders, for Cortigent's team, and for the patients whose lives this technology has the potential to transform," said Eric Robinson, Chairman of ClearOne’s Board of Directors.
