The Clearone Inc (NASDAQ: CLRO) stock soared 77.4% after declaring a one-time special dividend of $1.00 per share, citing the recent legal settlements, which generated extra cash for the company. The board decided to share the extra monies with its shareholders who support it.
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The company’s shares were trading just above the Nasdaq minimum bid requirement of $1.00. Today’s rally lifted the CLRO share price past $2.00 in a massive win for the company, whose shares will now be trading way above the Nasdaq’s minimum requirements.
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Clearone promised that even though this was a one-off special dividend, the company retained the discretion to issue more dividends if its finances allowed it. As a result, retail investor interest in the company stock soared to an all-time high as over 8.05 million shares had changed hands.
The company provides professional audio and video solutions and cloud-based collaboration services for professional home offices and commercial environments. Some of its professional home office solutions include aura audio and video solutions and auro complete solutions.
Clearone’s commercial solutions include audio conferencing, visual collaboration and cost-effective AV (audiovisual) networking over an IP network. The company’s customers include Disney, Google, Samsung, Apple and 3M.
It remains to be seen whether Clearone shall issue any further dividends apart from the current special dividend going forward.
Eric L. Robinson, Chairman of the Board of Directors of ClearOne, said: “The recent successful legal settlements have generated surplus cash for the Company. We are pleased to share this surplus with our shareholders, who continue to support the Company’s strategy and vision for future growth. We believe the company is now solidly positioned to pursue its long-term plans and return to rapid revenue growth and profitability.”
*This is not investment advice.
Claerone stock price.
The Clearone stock price soared 77.42% to trade at $2.20 from Friday’s closing price of $1.24.
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