ClearOne and Cortigent to Merge in Shift Toward Brain-Implant Tech

Under the terms of the agreement, Vivani will receive 12.5 million shares of ClearOne common stock. Once the transaction closes in the third quarter, Cortigent will operate as a wholly owned subsidiary of ClearOne. The resulting entity expects to trade on the Nasdaq under the ticker symbol CRGT, governed by a newly reconstituted board of directors.

Existing ClearOne shareholders will retain between 13% and 14% of the combined equity. To support the transition and push the firm's experimental pipeline toward commercial viability, ClearOne intends to raise between $10 million and $15 million in new financing.