ClearOne (CLRO) Stock Soars Over 98% After Hours: Here's What You Need To Know ClearOne Shares Surge 98%

ClearOne, Inc.

(NASDAQ:CLRO) shares jumped 98.37% to $7.30 in after-hours trading Wednesday following a Securities and Exchange Commission filing that revealed fresh progress on its planned merger with clinical-stage biopharmaceutical company Vivani Medical, Inc.'s Cortigent, Inc. unit.

Stockholder Vote Clears Path for Merger Share Issuance According to the SEC filing, majority stockholder First Finance Ltd. approved by written consent the issuance of 12.5 million common shares tied to the merger, which exceeds 20% of ClearOne's outstanding shares and triggers a change-of-control provision under Nasdaq listing rules.

First Finance held 1.64 million shares as of the Jul. 31 record date, giving it about 61.3% of ClearOne's voting power.

That majority is enough to approve the measures through written consent.