ClearOne (NASDAQ:CLRO) shares are trading higher. The company announced it will issue a one-time special stock dividend later this month.
What To Know: ClearOne on Tuesday said its board of directors declared a one-time special stock dividend tied to the potential sale of all or substantially all of the company's assets and operations.
The dividend will be issued in the form of one share of Class A Redeemable Preferred Stock for every outstanding share of common stock and equivalent. Upon completion of any asset sale, the preferred stock will be redeemed for 100% of the net proceeds.
The company said the dividend is part of its ongoing strategic process and ClearOne plans to pursue one or more asset sale transactions.
The dividend will be payable on July 18 to shareholders of record as of July 11.
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CLRO Price Action: At the time of writing, ClearOne stock is trading 93.9% higher at $11.15, according to data from Benzinga Pro.
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