ClearOne Stock Surges 30% On Cortigent Merger Agreement

(RTTNews) - ClearOne, Inc. (CLRO) shares climbed 30.41 percent, or $0.97, to $4.19 on Thursday after the company announced a definitive merger agreement under which Vivani Medical's subsidiary, Cortigent, will become a wholly owned subsidiary of ClearOne.

The stock is currently trading at $4.19, compared with its previous close of $3.22 on the Nasdaq. It opened at $3.60 and has traded between $3.12 and $4.70 during the session. Trading volume reached 14.89 million shares, far exceeding its average daily volume of 11,014 shares.

As part of the transaction, ClearOne plans to raise between $10 million and $15 million through a concurrent financing to support the combined company's pipeline. Cortigent is developing implantable neurostimulation technologies designed to help patients recover sight and motor function.

ClearOne shares have traded in a 52-week range of $2.71 to $12.25.