ClearOne secures $3M convertible financing, to pursue asset sale; reduces workforce

CLEARONE INC

Issued $3M convertible note to First Finance Ltd., 10% interest; converts to Class B Preferred, then common at $6.008/share.
Board expands to 5; appoints Eric Boehnke and Youngsun Park as director nominees of First Finance Ltd.
Will issue Class A Preferred Stock dividend to common holders by July 18; net proceeds from asset sale distributed pro rata.
If no asset sale in 180 days, company to liquidate or sell assets; significant workforce reduction implemented.
Nasdaq compliance regained after stock traded above $1 for 10 consecutive days ending June 24; delisting avoided.

item 5.02item 3.01item 3.02item 1.01item 5.03item 8.01item 9.01

Executive movements

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Appointed

Eric Boehnke

Director

CLRO · CLEARONE INC

Effective: 2025-06-20
Filed: Jun 25, 2025 23:59 UTC

appointed Eric Boehnke and Youngsun Park, a/k/a Sunny Park, to the Board as nominees of the Purchaser

Appointed

Youngsun Park

Director

CLRO · CLEARONE INC

Effective: 2025-06-20
Filed: Jun 25, 2025 23:59 UTC

appointed Eric Boehnke and Youngsun Park, a/k/a Sunny Park, to the Board as nominees of the Purchaser

Source: SEC EDGAR

accession 0001753926-25-001008

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