Clearsign Technologies Corporation (NASDAQ:CLIR) Q4 2023 Earnings Conference Call April 23, 2024 5:00 PM ET

Company Participants

Matthew Selinger - Principal
Brent Hinds - VP, Finance
Jim Deller - CEO

Conference Call Participants

Amit Dayal - H.C. Wainwright & Co.

Operator

Good afternoon, and welcome to the ClearSign Technology fourth quarter and full-year 2023 conference call. [Operator Instructions].

I will now like to turn the conference over to Matthew Selinger of Firm IR Group. Please, go ahead.

Matthew Selinger

Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation fourth quarter and full-year 2023 results conference call.

During this conference call, the company will make forward-looking statements. Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign's products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are describing ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factors section of the 2023 Annual Report on Form 10-K for the period ended December 31, 2023. Though as except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

On the call with me today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hinds, ClearSign's Chief Financial Officer. At this point in the call, I would like to turn the call over to CFO, Brent Hinds.

So, Brent, please go ahead.

Brent Hinds

Thank you, Matthew. And thank you to everyone joining us here today. Before we begin, I'd like to talk about our most recent news, which was the completion of our capital raise. In short, we successfully raised approximately $9.3 million in gross proceeds through two separate offerings: one, an underwritten written public offering, and the second, a concurrent private placement.

If we add the net proceeds to our 2023 year-end balance sheet, we would have reported approximately $13.7 million in cash and cash equivalents after this raise. A more detailed description of these offerings is included in our current report on Form 8-K filed with the SEC last Friday, April 19. This added working capital gives us more flexibility, as we execute our commercial growth plans. And Jim will give more specifics about this and the use of this capital.