UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
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Securities Registered Pursuant to Section 12(b) of the Act:
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The |
Item 1.01 Entry into a Material Definitive Agreement.
On October 28, 2022, ClearOne, Inc. (the “Company”) obtained a bridge loan in the principal amount of $2,000,000 from Edward D. Bagley (the “Bridge Loan”). Mr. Bagley is an affiliate of the Company and is the beneficial owner of approximately 42.5% of the Company’s issued and outstanding shares of common stock. The Bridge Loan is evidenced by a promissory note dated October 28, 2022 (the “Note”) issued by the Company to Mr. Bagley. The Note bears interests at a rate of 12.0% per annum, or $240,000 (the “Interest Payment”), matures on October 28, 2023 (the “Maturity Date”), and contains other customary covenants and events of default. The Bridge Loan may be prepaid by the Company at any time prior to the Maturity Date, provided, however, that the full amount of the Interest Payment shall be due and payable as if the Bridge Loan remained outstanding through the Maturity Date regardless of the date of prepayment. This description of the Note is qualified entirely by reference to the Note, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
(d) Exhibits
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10.1 |
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104.1 |
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The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CLEARONE, INC. |
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Date: November 2, 2022 |
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/s/ Narsi Narayanan |
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Narsi Narayanan |
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Chief Financial Officer (Principal Accounting and Principal Financial Officer) |