ClearOne shareholders representing 61.3% of voting stock approved the acquisition of Cortigent, Inc. The transaction involves issuing 12.5 million new common shares to Vivani Medical.
The move transforms ClearOne into a medical technology company focused on neurostimulation. The entity will be renamed Cortigent Holdings, Inc. and expects to trade on Nasdaq under the ticker CRGT.
Vivani Medical will hold approximately 78% of the restructured company. Existing ClearOne stockholders will retain about 16.7% ownership.
The merger remains contingent on a $10 million to $15 million financing round and Nasdaq listing approval. ClearOne shares saw significant volatility and heavy volume in early July following the initial news.