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ClearSign Technologies Corp (NASDAQ:CLIR) reported Friday that it has regained compliance with Nasdaq’s board and audit committee composition requirements, following recent changes to its board of directors.
According to a statement based on a recent SEC filing, the company had received a notice from the Nasdaq Stock Market LLC on August 8 indicating non-compliance with Nasdaq Listing Rule 5605(b)(1) related to board independence and Rule 5605(c)(2)(A) concerning audit committee composition. This non-compliance resulted from the resignations of Catharine M. de Lacy and Judith S. Schrecker from the board, effective August 4. InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.56 and holds more cash than debt on its balance sheet.
On Tuesday, the board determined that Anthony DiGiandomenico qualifies as an independent director under Nasdaq Listing Rule 5605(a)(2) and Rule 10A-3 of the Securities Exchange Act of 1934. DiGiandomenico was appointed to the audit and risk committee, effective immediately.
Additionally, G. Todd Silva, an independent director and member of the audit committee, was named chairperson of the committee and designated as the committee’s “audit committee financial expert,” as defined in Item 407(d)(5) of Regulation S-K.
The company notified Nasdaq of these actions on Thursday. On the same day, Nasdaq issued a letter confirming that ClearSign Technologies had regained compliance with the relevant composition requirements.
The company stated that it still intends to fill one remaining board vacancy, following the reduction in board size from six to five directors on August 6.
ClearSign Technologies Corp is incorporated in Delaware and its common stock is listed on the Nasdaq Stock Market LLC under the symbol CLIR. All information is based on a statement included in the company’s recent SEC filing.
In other recent news, ClearSign Combustion Corporation reported its second-quarter earnings for 2025, showing a significant increase in revenue. The company achieved $133,000 in revenue, a notable rise from $45,000 during the same period last year. Despite this revenue growth, ClearSign Combustion’s earnings per share (EPS) fell short of analysts’ expectations. This earnings miss came amidst a backdrop of broader market fluctuations. The company’s stock experienced a decline in aftermarket trading following the earnings release. These developments highlight the challenges ClearSign Combustion faces in aligning its financial performance with market projections. Investors will be closely monitoring future earnings reports and any strategic adjustments the company may implement.
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