<SEC-DOCUMENT>0001753926-20-000266.txt : 20200825
<SEC-HEADER>0001753926-20-000266.hdr.sgml : 20200825
<ACCEPTANCE-DATETIME>20200825165301
ACCESSION NUMBER:		0001753926-20-000266
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200825
DATE AS OF CHANGE:		20200825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARONE INC
		CENTRAL INDEX KEY:			0000840715
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				870398877
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-248412
		FILM NUMBER:		201132867

	BUSINESS ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116
		BUSINESS PHONE:		8019757200

	MAIL ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARONE COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20020204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER ELECTRONICS CORP
		DATE OF NAME CHANGE:	19910808
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>g082021_s3.htm
<DESCRIPTION>S-3
<TEXT>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">As filed with the Securities and Exchange Commission on </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">August 25</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">, 2020</font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Registration No.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> 333-</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
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<p style="margin: 5pt 0pt 0pt; text-align: center; line-height: 1.3; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">UNITED STATES</font></p>
<p style="margin: 0px; text-align: center; line-height: 1.3; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Washington, D.C. 20549</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">FORM</font><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">S-3</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">REGISTRATION STATEMENT UNDER</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">THE SECURITIES ACT OF 1933</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; line-height: inherit;">CLEARONE, INC.</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.3;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Exact name of registrant as specified in its charter)</font><font style="font-family: 'Times New Roman'; font-size: 2pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">DELAWARE</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">87-0398877</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(State or Other Jurisdiction of Incorporation or</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">Organization)</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(I.R.S. Employer Identification Number)</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 2pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">5225 Wiley Post Way</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Suite 500</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Salt Lake City, Utah 84116</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(801) 975-7200</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Address, including zip code, and telephone number, including</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">area code, of registrant&#8217;s principal executive offices)</font><font style="font-family: 'Times New Roman'; font-size: 2pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Zeynep Hakimoglu</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">President and Chief Executive Officer</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">ClearOne, Inc.</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">5225 Wiley Post Way, Suite 500</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Salt Lake City, Utah 84116</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(801) 975-7200</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Name, address, including zip code, and telephone number,</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">including area code, of agent for service)</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 2pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Copies to:</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Michael Dunn,</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Esq.</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Seyfarth Shaw LLP</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">700 Milam Street, Suite 1400</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Houston, TX 77002</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(713) 238-1817</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 2pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Approximate date of commencement of proposed sale to the public: From time to time after this registration statement becomes effective.</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61551;</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following box.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61560;</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If this form is filed to register additional securities for an offering pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">462(b)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">under the Securities Act of 1933, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61551;</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If this form is a post-effective amendment filed pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">462(c)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">under the Securities Act of 1933, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61551;</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If this Form</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">462(e)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">under the Securities Act of 1933, check the following box.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61551;</font></p>
<p style="margin: 0pt 0pt 2pt; text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">If this Form</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">413(b)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">under the Securities Act of 1933, check the following box.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt; line-height: inherit;">&#61551;</font></p>
<p style="margin: 0pt 0pt 2pt; line-height: 1.2; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company" in Rule 12b-2 of the Exchange Act. </font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Large accelerated filer</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt;">&#61551;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 40%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Accelerated filer</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt;">&#61551;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Non-accelerated filer</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt;">&#61560;</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Smaller reporting company</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt;">&#61560;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Emerging growth company</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: Wingdings; font-size: 8pt;">&#61551;</font></p>
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<font style="font-size: 8pt; text-align: center;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#61551;</font></div>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">CALCULATION OF REGISTRATION FEE</font></p>
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<td colspan="4" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 26.3287%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Title</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Each</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Class</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">of</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Securities</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">to</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Be</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Registered</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Amount</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">to</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Be</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Registered</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">(1)(2)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Proposed</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Maximum</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Offering</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Price</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Per</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Security(1)(2)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Proposed</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Maximum</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Aggregate</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Offering</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Price(1)(2)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Amount</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">of</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Registration</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Fee(1)(2)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="4" style="border-bottom: 1pt solid #000000; vertical-align: top; width: 26.3287%;">
<p style="margin: 0pt 0pt 0pt 10.1pt; text-indent: -10.1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Common Stock ($0.00</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">1 par value)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">N/A</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="4" style="border-bottom: 1pt solid #000000; vertical-align: top; width: 26.3287%;">
<p style="margin: 0pt 0pt 0pt 10.1pt; text-indent: -10.1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Warrants</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">N/A</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="4" style="border-bottom: 1pt solid #000000; vertical-align: top; width: 26.3287%;">
<p style="margin: 0pt 0pt 0pt 10.1pt; text-indent: -10.1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Stock Purchase Contracts</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">N/A</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="4" style="border-bottom: 1pt solid #000000; vertical-align: top; width: 26.3287%;">
<p style="margin: 0pt 0pt 0pt 10.1pt; text-indent: -10.1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Units</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">N/A</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="4" style="border-bottom: 2.25pt double #000000; vertical-align: top; width: 26.3287%;">
<p style="margin: 0pt 0pt 0pt 10.1pt; text-indent: -10.1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">TOTALS:</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.490597%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15.372%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">)</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.408831%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 14.3908%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">10,000,000</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 9.97547%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">$1,298</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td colspan="3" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 24.6934%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1.88062%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 7.84955%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 8.01308%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 7.76778%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 8.01308%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="3" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 8.17662%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 17.3344%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 14.9632%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 0.981194%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(1)</font></p>
</td>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="18" style="vertical-align: top; width: 98.0376%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">In U.S. dollars or the equivalent thereof denominated in one or more foreign currencies or units of two or more foreign currencies or composite currencies.</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(2)</font></p>
</td>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="18" style="vertical-align: top; width: 98.0376%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Estimated solely for the purposes of calculating the registration fee and exclusi</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">ve of accrued interest, if any.</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(3)</font></p>
</td>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="18" style="vertical-align: top; width: 98.0376%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Not specified as to each class of securities to be registered, pursuant to General Instruction II.E. of Form</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">S-3 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 0.817661%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(4)</font></p>
</td>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">The aggregate maximum public offering price of all offered securities issued pursuant to this registration statement will not exceed $10,000,000.</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">We hereby amend this registration statement (the &#8220;Registration Statement&#8221;) on such date or dates as may be necessary to delay its effective date until we shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">8(a), may determine.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
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<p style="margin: 0pt 8pt; text-align: justify; padding: 3pt; border: 1pt solid #ff0000;"><font style="color: #f93f26; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The information contained in this prospectus is not complete and may be changed. </font><font style="color: #f93f26; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">We</font><font style="color: #f93f26; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not a solicitation of offers to buy these securities in any jurisdiction where such offer or sale is not permitted.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="color: #ff0000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="color: #ff0000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Subject to Completion, Dated </font><font style="color: #ff0000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">August 25</font><font style="color: #ff0000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, 2020</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PROSPECTUS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CLEARONE, INC.</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Common Stock</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Warrants</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Stock Purchase Contracts</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Units</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">ClearOne, Inc. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">may offer, from time to time, common stock, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">warrants to purchase common stock</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> stock purchase con</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tracts or units. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">We will provide the specific terms of any offering and the offered securities in supplements to this prospectus. Any prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and the accompanying prospectus supplement carefully before you make your investment decision.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may offer securities through underwriting syndicates managed or co-managed by one or more underwriters or directly to purchasers. The prospectus supplement for each offering of securities will describe in detail the plan of distribution for that offering. For general information about the distribution of securities offered, please see &#8220;Plan of Distribution&#8221; in this prospectus.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our common stock is listed on The NASDAQ Capital Market under the symbol &#8220;CLRO.&#8221; The closing price of our common stock as reported on The NASDAQ Capital Market on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">August 24</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020 was $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.92</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">per share. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By means of this prospectus, we </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">may offer up to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000,000 of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">common stock, warrants to purchase common stock,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> stock purchase con</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tracts or units</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> pursuant to General Instruction I.B.6 of Form S-3. As of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">August 18</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020, the aggregate market value of our outstanding shares of common stock held by non-affiliates, or the public float, was $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">18,254,073</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> which was calculated based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5,704,398</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares of outstanding common stock held by non-affiliates and on a price per share of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the closing price of our common stock on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">August 18</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell our common stock in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75,000,000. We have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the 12-calendar months prior to and including the date of this prospectus.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a result, we are currently eligible to offer and sell up to an aggregate of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">6.1&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million of our securities pursuant to General Instruction I.B.6. of Form S-3.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">This prospectus may not be used to sell securities unless accompanied by a prospectus supplement or a free writing prospectus.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">You should carefully read and consider the risk factors under Part</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">I,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1A contained in our most recent Annual Report on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">10-K for risks relating to investments in our securities, as such risk factors may be supplemented or amended from time to time under Part</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">II,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1A of our Quarterly Reports on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">10-Q.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our mailing address and telephone number are:</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5225 Wiley Post Way</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Suite 500</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Salt Lake City, Utah 84116</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(801) 975-7200</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or completeness of this prospectus. Any representation to the contrary is a criminal offense.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The date of this prospectus is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> , 2020</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">IMPORTANT NOTICE ABOUT THE INFORMATION PRESENTED IN THIS PROSPECTUS</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except as otherwise indicated herein or as the context otherwise requires, references in this prospectus to "ClearOne," "CLRO," "the Company," "we," "us," "our," and similar references refer to ClearOne,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inc. and its subsidiaries. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In considering any decision regarding an investment in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which are the subject of this prospectus, you should rely only upon the information contained in this prospectus </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or any applicable prospectus supplement </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the information that we incorporate by reference into this prospectus</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or any applicable prospectus supplement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. We have not authorized any persons to provide you with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">different </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">information</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">If anyone provides you with different or inconsistent information, you should not rely on it. For further information, see the section of this prospectus entitled &#8220;Where You Can Find More Information.&#8221; </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">You should not assume that the information appearing in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date on the front cover of this prospectus or the applicable prospectus supplement, or that the information contained in any document incorporated by reference is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any prospectus supplement or any sale of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our securities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Our business, financial condition, results of operations and prospects may have changed since such dates.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This prospectus is an offer to sell only the securities that are offered hereby, and only where it is lawful to do so. This prospectus does not offer to sell, or ask for offers to buy, any </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of our securities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in any state or jurisdiction (within or outside the United States) where it would not be lawful or where the person making the offer is not qualified to do so.</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ABOUT THIS PROSPECTUS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission (the "SEC")</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> using a &#8220;shelf&#8221; registration process. Under the shelf registration process, we may from time to time, offer and sell to the public </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the securities covered by this prospectus</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in one or more offerings up to a total dollar amount of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000,000.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Please carefully read both this entire prospectus together with all information that we incorporate by reference. See the section of this prospectus under the caption: "Incorporation of Certain Information by Reference."</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This prospectus provides you with a general description of the shares we may offer. Each time we sell shares of our common stock, we will provide a prospectus supplement that will contain specific information about the shares being offered and the terms of that offering. The prospectus supplement may also add to, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and the information in any accompanying prospectus supplement, you should rely on the information in the prospectus supplement. You should read both this prospectus and any prospectus supplement together with the additional information described under the heading &#8220;Incorporation of Documents by Reference&#8221; carefully before making an investment decision.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may sell shares of our common stock to or through underwriters, dealers, or agents or directly to purchasers. We and our agents reserve the sole right to accept and to reject in whole or in part any proposed purchase of shares. A prospectus supplement, which we will provide each time shares are offered, will provide the names of any underwriters, dealers or agents involved in the sale of the shares, and any applicable fee, commission or discount arrangements with them.</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OUR BUSINESS</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We were incorporated in Utah in 1983 and reincorporated in Delaware on October 25, 2018. The Company is headquartered in Salt Lake City, Utah. The Company has other locations in Gainesville, Florida; Austin, Texas; Zaragoza, Spain; Chennai, India; and Dubai, United Arab Emirates.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 12pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a global </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany that designs, develops and sells conferencing, collaboration, and AV networking solutions for voice and visual communications. The performance and simplicity of our advanced, comprehensive solutions offer a high level of functionality, reliability and scalability. We derive a major portion of our revenue from audio conferencing products and microphones by promoting our products in the professional audio-visual channel. We have extended our total addressable market from the installed audio conferencing market to adjacent complementary markets &#8211; microphones, video collaboration and AV networking. We have achieved this through strategic technological acquisitions as well as by internal product development.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our comprehensive line of high-quality conferencing and collaboration products are targeted for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">large, medium and small businesses, as well as for personal use. We</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a global market leader in the installed professional audio conferencing market, where our products are used in numerous industries such as enterprise, healthcare, education, government, legal and finance.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We have an established history of product innovation and plan to continue to apply our expertise in audio, video and networked AV to design, develop and introduce innovative new products and enhance our existing products. Our end-users range from some of the world&#8217;s largest and most prestigious companies and institutions to small and medium-sized businesses, higher education and government organizations, as well as individual consumers. We sell our commercial products to these end-users through a global network of independent distributors who, in turn, sell our products to dealers, systems integrators and other value-added resellers. We also sell directly to dealers, systems integrators and other value-added resellers. Our solutions save end-users time and money by creating a natural environment for collaboration and communication. Our partners, who are involved in system integration are benefitted with simpler</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">project design and support costs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with our products designed and built to work with each other seamlessly.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Additional information about the Company can be found in our periodic and current reports that we file with the SEC.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Information By Reference.&#8221;</font></p>
<p style="margin: 0pt; text-align: center; text-indent: 24pt;"><br><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RISK FACTORS</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 48pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">An investment in our securities involves risks. We urge you to consider carefully the risks identified under &#8220;Item IA. Risk Factors&#8221; in our Annual Report on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10-K for the year ended December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, 2019, filed with the SEC on March 30, 2020, which report is incorporated by reference in this prospectus, as such information may be amended, supplemented or superseded from time to time by other reports that we subsequently file with the SEC as well as the additional risk factor</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> set forth below.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The e</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">xercise of stock options, warrants and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">conversion of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">other securities will dilute your percentage of ownership and could cause our stock price to fall.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">August 13</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020, we had </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">16,655,207</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares of common stock issued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and outstanding</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, outstanding stock options to purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">541,196</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares of our common stock at a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> weighted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> average exercise price of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">9.00</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">per share, outstanding warrants</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">340,909</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hares of our common stock with an exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">price of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.76</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per share</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and 1,421,801 shares of common stock reserved for issuance upon conversion of $3.0 million of secured convertible notes at a conversion price of $2.11 per share</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of August 13, 2020, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">we also have reserved shares to issue stock options, restricted stock or other awards to purchase or receive up to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">953,898</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares of common stock under our Equity Incentive Plan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and an additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">418,384 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares of common stock issuable pursuant to our employee stock purchase plan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In the future, we may grant these additional shares or issue new securities, in accordance with terms described in employment agreements or as part of additional incentive programs. The exercise, conversion or exchange by holders of stock options, restricted stock units, or warrants for shares of common stock, or the issuance of new shares of common stock for additional compensation or future equity offerings will dilute the percentage ownership of our stockholders. Sales of a substantial number of shares of our common stock could cause the price of our common stock to fall and could impair our ability to raise capital by selling additional securities.</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Our stock price may be volatile.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">While our shares of common stock are listed for trading on the Nasdaq Capital Market, the stock market in general, and the stock prices of technology-based companies in particular, have experienced volatility that often has been unrelated to the operating performance of any specific public company.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The market price of our common stock has experienced significant fluctuations and may continue to fluctuate significantly. The market price of our common stock may be significantly affected by a variety of factors, including the following:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">statements or changes in opinions, ratings, or earnings estimates made by brokerage firms or industry analysts relating to the market in which we do business or relating to us specifically;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">disparity between our reported results and the projections of analysts;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the shift in sales mix of products that we currently sell to a sales mix of lower-gross profit product offerings;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the level and mix of inventory held by our distributors;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the announcement of new products or product enhancements by us or our competitors;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">technological innovations by us or our competitors;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">success in meeting targeted availability dates for new or redesigned products;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the ability to profitably and efficiently manage our supply of products and key components;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the ability to maintain profitable relationships with our customers;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the ability to maintain an appropriate cost structure;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quarterly variations in our results of operations;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">general consumer confidence or market conditions, or market conditions specific to technology industry;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">domestic and international economic conditions;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unexpected changes in regulatory requirements and tariffs;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to report financial information in a timely manner;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the markets in which our stock is traded;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to integrate the companies we have acquired; and</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to successfully utilize our cash reserves resulting from the settlement of litigation and arbitration matters.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These and other market and industry factors may cause the market price and demand for our common stock to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent investors from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. </font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Our certification of incorporation designates the Court of Chancery in the State of Delaware as the sole and exclusive forum for certain actions or proceedings that may be initiated by our stockholders, which could discourage claims or limit stockholders&#8217; ability to make a claim against the Company, our directors, officers, and employees. </font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our certificate of incorporation states that unless we consent in writing to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for any stockholder to bring (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director, officer, employee or agent of the Company to the Company or the Company's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our certificate of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">incorporation or our bylaws or (iv) any action asserting a claim governed by the internal affairs doctrine, in each case subject to the Delaware Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These exclusive forum provisions do not apply to claims under the Securities Act or the Exchange Act. The exclusive forum provision may discourage claims or limit stockholders&#8217; ability to submit claims in a judicial forum that they find favorable and may create additional costs as a result. If a court were to determine the exclusive forum provision to be inapplicable and unenforceable in an action, we may incur additional costs in conjunction with our efforts to resolve the dispute in an alternative jurisdiction, which could have a negative impact on our results of operations.</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This prospectus and the documents we incorporate by reference into this prospectus may contain forward-looking statements within the meaning of Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">27A of the Securities Act of 1933, as amended, about the Company and its subsidiaries. We intend the coverage of our forward-looking statements to be within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, and can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "could," "should," "projects," "plans," "goal," "targets," "potential," "estimates," "pro forma," "seeks," "intends," or "anticipates" or the negative form of these terms or comparable qualifying words. The basis for our forward-looking statements includes our current expectations and a number of known and unknown risks and uncertainties that could cause actual outcomes to differ materially from our forward-looking statements. We caution readers not to place undue reliance on our forward-looking statements. In light of inherent uncertainties in forward-looking statements, the reader should not interpret inclusion of these statements as any representation by us or any other person that we will achieve or accomplish any of the matters expressed within the scope of any of our forward-looking statements. We assume no obligation to publicly update or revise our forward-looking statements or to advise of any changes regarding the basis of our assumptions and other factors relating to the forward-looking statements.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For further information on factors which could impact us and the statements contained herein, see the section of this prospectus entitled &#8220;Risk Factors&#8221; and the &#8220;Risk Factors&#8221; under Part</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Item 1A in our most recent Annual Report on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10-K for risks relating to investments in our securities, as such risk factors may be supplemented or amended from time to time under Part</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Item 1A of our Quarterly Reports on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10-Q.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.</font></p>
<p style="margin: 0pt; text-align: center;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">WHERE YOU CAN FIND MORE INFORMATION</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We are an SEC reporting company and file annual, quarterly and current reports, proxy statements and other information with the SEC. We have filed with the SEC a registration statement on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S-1 under the Securities Act, with respect to the Common Stock and subscription rights being offered under this prospectus. This prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement. For further information with respect to us and the securities being offered under this prospectus, we refer you to the complete registration statement and the exhibits and schedules filed as a part of the registration statement. You may read and copy the registration statement, as well as our reports, proxy statements and other information, at the SEC's Public Reference Room at 100</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for more information about the operation of the Public Reference Room. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The SEC's Internet site can be found at</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">http://www.sec.gov</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. You can also obtain copies of materials we file with the SEC from our Internet website found at</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">http://www.clearone.com/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The information contained in our website is not a part of this prospectus.</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The documents incorporated by reference into this prospectus contain important information that you should read about us. The following documents are incorporated by reference into this prospectus:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our Annual Report on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10-K for the fiscal year ended December 31, 2019, as filed with the SEC on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">March 30, 2020;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our Quarterly Reports on Form 10-Q for the fiscal quarter ended March 31, 2020, as filed with the SEC on May 20, 2020, and for the fiscal quarter ended June 30, 2020, as filed with the SEC on August 13, 2020;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(c)</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our Current Reports on Form 8-K, as filed with the SEC on January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2, 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.07), February 3, 2020 (Items 1.01</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and 9.01), July 22, 2020 (Item 5.02) and August 25, 2020 (Item 8.01);</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(d)</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our definitive proxy statement on Schedule 14A as filed with the SEC on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 11, 2019; and</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the description of our common stock set forth in our definitive proxy statement on Schedule 14A as filed with the SEC on September 24, 2018.</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All documents subsequently filed by us (other than current reports furnished under Item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.02 or Item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">7.01 of Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">8-K and exhibits filed on such form that are related to such items unless such Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">8-K expressly provides to the contrary) with the SEC pursuant to Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, including those made after the date of the initial filing of the registration statement of which this prospectus forms</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a part and prior to effectiveness of such registration statement, until we file</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a post-effective amendment that indicates the termination of the offering of the Common Stock made by this prospectus, are deemed to be incorporated by reference into this prospectus. Such future filings will become a part of this prospectus from the respective dates that such documents are filed with the SEC.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes hereof to the extent that such statement contained herein or in any other subsequently filed document, which is also incorporated or deemed to be incorporated herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The documents incorporated by reference into this prospectus are also available on our corporate website at</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">http://www.clearone.com</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the heading "Investor Relations." Information contained on, or that can be accessed through, our website is not part of this prospectus, and you should not consider information on our website to be part of this report unless specifically incorporated herein by reference You may obtain copies of any or all of the documents incorporated by reference in this prospectus from us free of charge by requesting them in writing or by telephone at the following address:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">ClearOne,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inc.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">5225 Wiley Post Way, Suite 500</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">Salt Lake City, UT 84116</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">(801-975-7200</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>5</font></font></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">USE OF PROCEEDS</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We intend to use the net proceeds from any sale of our </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by us</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">working capital and general corporate purposes. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The intended use of net proceeds from this offering represents our expectations based upon our present plans and business conditions. We cannot predict with certainty all of the particular uses for the proceeds of this offering or the amounts that we will actually spend on the uses described in this prospectus. Accordingly, our management will have significant flexibility in applying the net proceeds of this offering. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business. Pending their use, we intend to invest the net proceeds of this offering in a variety of capital&#8209;preservation investments, including short&#8209; and intermediate&#8209;term, interest&#8209;bearing, investment&#8209;grade securities.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our plans to use the estimated net proceeds from the sale of these securities may change and, if they do, we will update this information in a prospectus supplement.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; text-align: center;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DESCRIPTION OF OUR COMMON STOCK</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following is only a summary of the terms and conditions applicable to our Common Stock and it not intended to be complete. Our Company is a Delaware corporation and our Common Stock is subject to the provisions of our Certificate of Incorporation ("Certificate of Incorporation") and our Bylaws ("Bylaws").</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">You can access complete information by referring to our </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certificate of Incorporation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ylaws, each as amended to date, which are included as exhibits to the registration statement of which this prospectus forms a part. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Common Stock</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has fifty million (50,000,000) shares of common stock, $0.001 par value per share, authorized by its Certificate of Incorporation. The holders of the common stock of the Company shall be entitled at all meetings of stockholders to one vote for each share of such stock held by them. Cumulative voting is expressly prohibited by the Certificate of Incorporation. With respect to any matter, a quorum shall be present at a meeting of stockholders if the holders of a majority of the shares entitled to vote on that matter are represented at the meeting in person or by proxy.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Stockholders of the Company have no preemptive rights to acquire additional shares of common stock or other securities. The common stock is not subject to redemption and carries no subscription or conversion rights. In the event of liquidation of the Company, the shares of common stock are entitled to share equally in corporate assets after satisfaction of all liabilities. Holders of common stock are entitled to receive such dividends as the Board of Directors may from time to time declare out of funds legally available for the payment of dividends. The Company has not paid a cash dividend on our common stock and does not anticipate doing so in the foreseeable future. The Company intends to retain earnings to fund future working capital requirements, infrastructure needs, growth, product development.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Board of Directors has the authority to issue the authorized but unissued shares of common stock without action by the stockholders. Any future issuance of such shares would reduce the percentage ownership held by existing stockholders and might dilute the book value of their shares.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The shares of our common stock presently outstanding are fully paid and non-assessable, and any shares issued by us pursuant to this prospectus will be fully paid and non-assessable when issued. Our common stock trades on the NASDAQ Capital Market under the symbol &#8220;CLRO.&#8221;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Anti-Takeover Provisions</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Certificate of Incorporation and Bylaws</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the outstanding shares of Common Stock outstanding will be able to satisfy the quorum requirement and be able to elect all of our directors by a plurality of the voting power of the shares present in person or by proxy. Our Certificate of Incorporation and Bylaws provide that all stockholder actions must be effected at a duly called meeting of stockholders and not by written consent. A special meeting of stockholders may be called by a resolution adopted by a majority of our board, our chair of the board, our chief executive officer or the president in absence of the chief executive officer. Any power of the stockholders to call a special meeting is specifically denied by the terms of our Certificate of Incorporation.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management. As a consequence, these provisions also may inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts.</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Section 203 of the Delaware General Corporation Law</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We are subject to Section 203 of the Delaware General Corporation Law (the &#8220;DGCL&#8221;), which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 6pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Upon closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a tender or exchange offer; or</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least sixty-six and two-third percent (66 2/3%) of the outstanding voting stock that is not owned by the interested stockholder.</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 32pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In general, Section 203 defines business combination to include the following:</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any merger or consolidation involving the corporation and the interested stockholder;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to the interested stockholder;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the interested stockholder; or</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by or through the corporation.</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In general, Section 203 defines an &#8220;interested stockholder&#8221; as an entity or person who, together with the person&#8217;s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.</font></p>
<p style="margin: 18pt 0pt 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NASDAQ Capital Market Listing </font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our common stock is listed on the NASDAQ Capital Market under the trading symbol &#8220;CLRO.&#8221; </font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Transfer Agent and Registrar</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The transfer agent and registrar for our common stock is Colonial Stock Transfer. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>8</font></font></td>
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<p style="margin: 0pt; text-align: center;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">DESCRIPTION OF WARRANTS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following description, together with the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any warrants offered under that prospectus supplement may differ from the terms described below. If there are differences between that prospectus supplement and this prospectus, the prospectus supplement will control. Thus, the statements we make in this section may not apply to a particular series of warrants. Specific warrant agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement which includes this prospectus.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">General</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may issue warrants for the purchase of common stock in one or more series. We may issue warrants independently or together with common stock, and the warrants may be attached to or separate from these securities.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We will evidence each series of warrants by warrant certificates that we may issue under a separate agreement. We may enter into the warrant agreement with a warrant agent. Each warrant agent may be a bank that we select which has its principal office in the United States and a combined capital and surplus of at least $50,000,000. We may also choose to act as our own warrant agent. We will indicate the name and address of any such warrant agent in the applicable prospectus supplement relating to a particular series of warrants.</font></p>
<p style="margin: 0pt;"><font style="display: none; font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We will describe in the applicable prospectus supplement the terms of the series of warrants, including:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the offering price and aggregate number of warrants offered;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the currency for which the warrants may be purchased;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">if applicable, the date on and after which the warrants and the related securities will be separately transferable;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the case of warrants to purchase common stock, the number </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of shares of common stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the warrant agreement under which the warrants will be issued;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">anti-dilution provisions of the warrants, if any;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the terms of any rights to redeem or call the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the dates on which the right to exercise the warrants will commence and expire or, if the warrants are not continuously exercisable during that period, the specific date or dates on which the warrants will be exercisable;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the manner in which the warrant agreement and warrants may be modified;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top; width: 95%;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the identities of the warrant agent and any calculation or other agent for the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">federal income tax consequences of holding or exercising the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the terms of the securities issuable upon exercise of the warrants;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any securities exchange or quotation system on which the warrants or any securities deliverable upon exercise of the warrants may be listed; and</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any other specific terms, preferences, rights or limitations of or restrictions on the warrants.</font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Before exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including in the case of warrants to purchase common stock, the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exercise of Warrants</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Each warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up to 5:00 p.m. Eastern Time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Holders of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information, and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on the reverse side of the warrant certificate, and in the applicable prospectus supplement, the information that the holder of the warrant will be required to deliver to the warrant agent.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Until the warrant is properly exercised, no holder of any warrant will be entitled to any rights of a holder of the securities purchasable upon exercise of the warrant.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Upon receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for warrants.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Enforceability of Rights By Holders of Warrants</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any warrant agent will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise of, its warrants in accordance with their terms.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>10</font></font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Calculation Agent</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Calculations relating to warrants may be made by a calculation agent, an institution that we appoint as our agent for this purpose. The prospectus supplement for a particular warrant will name the institution that we have appointed to act as the calculation agent for that warrant as of the original issue date for that warrant. We may appoint a different institution to serve as calculation agent from time to time after the original issue date without the consent or notification of the holders.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The calculation agent&#8217;s determination of any amount of money payable or securities deliverable with respect to a warrant will be final and binding in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the absence of manifest error.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DESCRIPTION OF STOCK PURCHASE CONTRACTS</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may issue stock purchase contracts, including contracts obligating holders to purchase from or sell to us, and obligating us to sell to or purchase from the holders, a specified number of shares of common stock at a future date or dates, or a variable number of shares of common stock for a stated amount of consideration, which we refer to in this prospectus as stock purchase contracts. The price per share of the securities and the number of shares of the securities may be fixed at the time the stock purchase contracts are issued or may be determined by reference to a specific formula set forth in the stock purchase contracts, and may be subject to adjustment under anti-dilution formulas.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The stock purchase contracts may require holders to secure their obligations in a specified manner and in certain circumstances we may deliver newly issued prepaid stock purchase contracts upon release to a holder of any collateral securing such holder&#8217;s obligations under the original stock purchase contract. The stock purchase contracts may be issued separately or as a part of units</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsisting of a stock purchase contract and, as security for the holder&#8217;s obligations to purchase the shares under the stock purchase contracts, debt obligations of third parties, including U.S. Treasury securities. The stock purchase contracts may require us to make periodic payments to the holders of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e units or vice versa, and such payments may be unsecured or prefunded on some basis.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The applicable prospectus supplement will describe the terms of any stock purchase contracts offered thereby and will contain a discussion of any material federal income tax considerations applicable t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">o the stock purchase contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. We will file with the SEC as exhibits to a current report on Form 8-K forms of any stock purchase contracts to be issued either separately or as a part of units.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">DESCRIPTION OF UNITS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The applicable prospectus supplement will describe:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 18pt;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any unit agreement under which the units will be issued;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">whether the units will be issued in fully registered or global form.</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>11</font></font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PLAN OF DISTRIBUTION</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may sell the securities being offered pursuant to this prospectus through underwriters or dealers, through agents, or directly to one or more purchasers or through a combination of these methods. The applicable prospectus supplement will describe the terms of the offering of the securities, including:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 18pt;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 18pt;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the name or names of any underwriters, if any, and if required, any dealers or agents;</font></p>
</td>
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<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the purchase price of the securities and the proceeds we will receive from the sale;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any underwriting discounts and other items constituting underwriters&#8217; compensation;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any discounts or concessions allowed or reallowed or paid to dealers; and</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any securities exchange or market on which the securities may be listed.</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may distribute the securities from time to time in one or more transactions at:</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a fixed price or prices, which may be changed;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">market prices prevailing at the time of sale;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">prices related to such prevailing market prices; or</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">negotiated prices.</font></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Only underwriters named in the prospectus supplement are underwriters of the securities offered by the prospectus supplement.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If underwriters are used in an offering, we will execute an underwriting agreement with such underwriters and will specify the name of each underwriter and the terms of the transaction (including any underwriting discounts and other terms constituting compensation of the underwriters and any dealers) in a prospectus supplement. The securities may be offered to the public either through underwriting syndicates represented by managing underwriters or directly by one or more investment banking firms or others, as designated. If an underwriting syndicate is used, the managing underwriter(s) will be specified on the cover of the prospectus supplement. If underwriters are used in the sale, the offered securities will be acquired by the underwriters for their own accounts and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. Any public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time. Unless otherwise set forth in the prospectus supplement, the obligations of the underwriters to purchase the offered securities will be subject to conditions precedent and the underwriters will be obligated to purchase all of the offered securities if any are purchased.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may grant to the underwriters options to purchase additional securities to cover over-allotments, if any, at the public offering price, with additional underwriting commissions or discounts, as may be set forth in a related prospectus supplement. The terms of any over-allotment option will be set forth in the prospectus supplement for those securities.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If we use a dealer in the sale of the securities being offered pursuant to this prospectus or any prospectus supplement, we will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. The names of the dealers and the terms of the transaction will be specified in a prospectus supplement.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may sell the securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, any agent will act on a best-efforts basis for the period of its appointment.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>12</font></font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may authorize agents or underwriters to solicit offers by institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In connection with the sale of the securities, underwriters, dealers or agents may receive compensation from us or from purchasers of the securities for whom they act as agents in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities, and any institutional investors or others that purchase securities directly and then resell the securities, may be deemed to be underwriters, and any discounts or commissions received by them from us and any profit on the resale of the securities by them may be deemed to be underwriting discounts and commissions under the Securities Act.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="display: none; font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We may provide agents and underwriters with indemnification against particular civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to such liabilities. Agents and underwriters may engage in transactions with, or perform services for, us in the ordinary course of business.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, we may enter into derivative transactions with third parties (including the writing of options), or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with such a transaction, the third parties may, pursuant to this prospectus and the applicable prospectus supplement, sell securities covered by this prospectus and the applicable prospectus supplement. If so, the third party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions. We may also loan or pledge securities covered by this prospectus and the applicable prospectus supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable prospectus supplement. The third party in such sale transactions will be an underwriter and will be identified in the applicable prospectus supplement or in a post-effective amendment.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">To facilitate an offering of a series of securities, persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect the market price of the securities. This may include over-allotments or short sales of the securities, which involves the sale by persons participating in the offering of more securities than have been sold to them by us. In those circumstances, such persons would cover such over-allotments or short positions by purchasing in the open market or by exercising the over-allotment option granted to those persons. In addition, those persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to underwriters or dealers participating in any such offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. We make no representation or prediction as to the direction or magnitude of any effect that the transactions described above, if implemented, may have on the price of our securities.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All securities we may offer, other than common stock, will be new issues of securities with no established trading market. Any agents or underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities. There is currently no market for any of the offered securities, other than our common stock, which is listed on The NASDAQ Capital Market under the symbol &#8220;CLRO.&#8221; We have no current plans for listing of the warrants, stock purchase contracts or units on any securities exchange or quotation system; any such listing with respect to any particular warrants, stock purchase contracts or units will be described in the applicable prospectus supplement or other offering materials, as the case may be. Any underwriters to whom securities are sold by us for public offering and sale may make a market in the securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>13</font></font></td>
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<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In order to comply with the securities laws of some states, if applicable, the securities offered pursuant to this prospectus will be sold in those states only through registered or licensed brokers or dealers. In addition, in some states securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and complied with.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXPERTS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The consolidated financial statements of ClearOne, Inc. incorporated in this prospectus by reference from ClearOne Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019 were audited by Tanner LLC, an independent registered public accounting firm, as stated in their report which is incorporated herein by reference. Such consolidated statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">LEGAL MATTERS</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The validity of the securities being offered hereby will be passed upon by Seyfarth Shaw LLP.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>14</font></font></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PART</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">II.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ITEM 14.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 32pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Set forth below is an estimate (except in the case of the registration fee) of the amount of fees and expenses to be incurred in connection with the issuance and distribution of the offered securities registered hereby, other than underwriting discounts and commission, if any, incurred in connection with the sale of the offered securities. All such amounts will be borne by ClearOne, Inc. </font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; width: 81.52%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 2.96%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; width: 15.4%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">SEC Registration Fee</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$1,298</font></p>
</td>
</tr>
<tr style="height: 20px;">
<td style="vertical-align: top; width: 81.52%; height: 20px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting Fees and Expenses</font></p>
</td>
<td style="vertical-align: bottom; width: 2.96%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 15.4%; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></p>
</td>
</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="vertical-align: top; width: 81.52%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">FINRA Filing Fees</font></p>
</td>
<td style="vertical-align: bottom; width: 2.96%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 15.4%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$2,000</font></p>
</td>
</tr>
<tr style="height: 20px;">
<td style="vertical-align: top; width: 81.52%; height: 20px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Legal Fees and Expenses</font></p>
</td>
<td style="vertical-align: bottom; width: 2.96%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 15.4%; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">60</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></p>
</td>
</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="vertical-align: top; width: 81.52%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Transfer Agent Fees and Expenses</font></p>
</td>
<td style="vertical-align: bottom; width: 2.96%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 15.4%; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2,0</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">00</font></p>
</td>
</tr>
<tr style="height: 20px;">
<td style="vertical-align: top; width: 81.52%; height: 20px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Miscellaneous Fees and Expenses</font></p>
</td>
<td style="border-bottom: 0.5pt solid #000000; vertical-align: bottom; width: 2.96%; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 0.5pt solid #000000; vertical-align: bottom; width: 15.4%; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$5</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; width: 81.52%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 2.96%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 15.4%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">80</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,298</font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 18pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ITEM 15.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> INDE</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MNIFICATION OF DIRECTORS AND OFFICERS.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We are incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law provides that a Delaware corporation may indemnify any persons who were, are, or are threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation, or is or was serving at the request of such corporation as an officer, director, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The indemnification may include expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with defending or settling such action, suit or proceeding, provided that such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the corporation&#8217;s best interests except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses (including attorneys&#8217; fees) actually and reasonably incurred.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our certificate of incorporation and bylaws provide for the indemnification of its directors and officers to the fullest extent permitted under the Delaware General Corporation Law.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Section 102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except for liability for any:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt 24pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Breach of director&#8217;s duty of loyalty to the corporation or its stockholders.</font></p>
<p style="margin: 0pt 0pt 6pt 24pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</font></p>
<p style="margin: 0pt 0pt 6pt 24pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unlawful payment of dividends or unlawful purchase or redemption of shares; or</font></p>
<p style="margin: 0pt 0pt 6pt 24pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#9679;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transaction from which the director derives an improper personal benefit;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our certificate of incorporation includes such a provision. Expenses incurred by any officer or director in defending any such action, suit or proceeding in advance of its final disposition shall be paid by us upon delivery to us of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if we shall ultimately be determined that such director or officer is not entitled to be indemnified by us.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-1</font></td>
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</table>
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</div>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Section 174 of the Delaware General Corporation Law provides, among other things, that a director who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption, may be held jointly and severally liable for such actions. A director who was either absent when the unlawful actions were approved or dissented at the time may avoid liability by causing his or her dissent to such actions to be entered in the books containing minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent director receives notice of the unlawful acts.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ITEM 16.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> EXHIBITS.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 24pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See the Exhibit Index to this Registration Statement on Form S-3 which is incorporated herein by reference. </font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ITEM 17.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> UNDERTAKINGS.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 39.6pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The undersigned registrant hereby undertakes:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 79.2pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">To include any prospectus required by Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10(a)(3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the Securities Act of 1933;</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">424(b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(iii)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p>
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<p style="margin: 0pt 0pt 0pt 79.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">provided, however</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, that paragraphs (i), (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and (iii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">13 or Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">15(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,or is contained in a form of prospectus filed pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">424(b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">that is part of the registration statement.</font></p>
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<p style="margin: 0pt 0pt 0pt 79.2pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
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<p style="margin: 0pt 0pt 0pt 79.2pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>
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<p style="margin: 0pt 0pt 0pt 79.2pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">4.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -37.45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the registrant is relying on Rule 430B:</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(A) E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ach prospectus filed by the registrant pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">424(b)(3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Each prospectus required to be filed pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">424(b)(2), (b)(5)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or (b)(7)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as part of a registration statement in reliance on Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">430B relating to an offering made pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">415(a)(1)(i), (vii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or (x)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for the purpose of providing the information required by Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10(a)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> Provided, however</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</font></p>
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<p style="margin: 0pt 0pt 0pt 117pt; text-indent: -36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</font></p>
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<p style="margin: 0pt 0pt 0pt 79.2pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">424;</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</font></p>
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<p><font style="font-size: 10pt;" class="pageno">II-3</font><font style="font-size: 10pt;" class="pageno"><br></font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(iii)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</font></p>
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<p style="margin: 0pt 0pt 0pt 118.8pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(iv)</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</font></p>
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<p style="margin: 0pt 0pt 0pt 39.6pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">B.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">13(a)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">15(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">15(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> bona fide</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> offering thereof.</font></p>
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<p style="margin: 0pt 0pt 0pt 39.6pt; text-indent: -39.6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">C.</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; font-weight: bold;">SIGNATURES</font><br></p>
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<p style="margin: 0pt; text-indent: 25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Act, the registrant hereby certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Salt Lake City, Utah</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on this </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">25th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> day of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">August</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2020.</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">CLEARONE, INC.</font></p>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant)</font></p>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By: </font></p>
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<td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">/s/&nbsp;</font>Zeynep<font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font>Hakimoglu</font></p>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Zeynep Hakimoglu</font></p>
</td>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">President and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer</font></p>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(principal executive officer)</font></p>
</td>
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<td style="vertical-align: top; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 4.16%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 45.84%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">KNOW ALL MEN BY THESE PRESENTS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, that each person whose signature appears below hereby constitutes and appoints </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Zeynep Hakimoglu, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Narsi Narayanan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, or any one of them, his </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or her </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">attorneys-in-fact and agents, each with full power of substitution and re-substitution for him in any and all capacities, to sign any or all amendments or post-effective amendments to this registration statement on Form</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S-3 or a registration statement prepared in accordance with Rule</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">462 of the Securities Act of 1933, as amended, and to file the same, with exhibits thereto and other documents in connection herewith or in connection with the registration of the offered securities under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission, granting unto each of such attorneys-in-fact and agents full power to do and perform each and every act and thing requisite and necessary in connection with such matters and hereby ratifying and confirming all that each of such attorneys-in-fact and agents or his substitutes may do or cause to be done by virtue hereof. </font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 340px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="3" style="vertical-align: bottom; width: 249pt; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 7.5pt; font-weight: bold;">Date </font></p>
</td>
<td style="vertical-align: bottom; width: 2.5pt; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 7.5pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; width: 216.5pt; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 7.5pt; font-weight: bold;">Signatures </font></p>
</td>
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<tr style="height: 34px;">
<td style="vertical-align: top; width: 27.3pt; height: 34px;">
<p style="margin: 0pt; text-align: center;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 16.45pt; height: 34px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 205.25pt; height: 34px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 2.5pt; height: 34px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 34px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
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<tr style="height: 15px;">
<td colspan="3" style="vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">August 25, 2020</font></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">/s/&nbsp;Zeynep<font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font>Hakimoglu</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; width: 249pt; height: 34px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 34px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">Zeynep Hakimoglu, Chairman of the Board of Directors, President and Chief Executive Officer</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">(Principal Executive Officer)</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 249pt; text-align: center; height: 17px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: center; height: 17px;" colspan="3"><font style="font-family: Times; font-size: 13.3333px; text-align: center;">August 25, 2020</font><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px; border-bottom: 1pt solid #000000; text-align: center;">/s/ Narsi&nbsp;Narayanan</td>
</tr>
<tr style="height: 10px;">
<td colspan="3" style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 10px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">Narsi Narayanan, Senior Vice President of Finance </font><br><font style="font-family: Times; font-size: 10pt;">(Principal Financial and Principal Accounting Officer)</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 249pt; height: 17px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: center; height: 17px;" colspan="3"><font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">August 25, 2020</font></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; border-bottom: 1pt solid #000000; height: 17px; text-align: center;">/s/ <font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Larry R. Hendricks</font></td>
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<tr style="height: 10px;">
<td colspan="3" style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 10px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">Larry R. Hendricks, Director</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 249pt; height: 17px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: center; height: 17px;" colspan="3"><font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">August 25, 2020</font></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px; border-bottom: 1pt solid #000000; text-align: center;">/s/ <font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Lisa<font>&nbsp;</font></font>Higley</td>
</tr>
<tr style="height: 10px;">
<td colspan="3" style="vertical-align: top; height: 10px;"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 10px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">Lisa Higley, Director</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 249pt; height: 17px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; text-align: center;" colspan="3"><font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">August 25, 2020</font></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px; border-bottom: 1pt solid #000000; text-align: center;">/s/ <font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Eric L. Robinson</font></td>
</tr>
<tr style="height: 10px;">
<td colspan="3" style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br><br></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 10px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 10px; text-align: center;"><font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Eric L. Robinson, Director</font><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 249pt; height: 17px;" colspan="3"><br></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: center; height: 17px;" colspan="3"><font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">August 25, 2020</font></td>
<td style="vertical-align: top; width: 2.5pt; height: 17px;"><br></td>
<td style="vertical-align: middle; width: 216.5pt; border-bottom: 1pt solid #000000; height: 17px; text-align: center;">/s/ <font style="color: #000000; font-family: Times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Bruce<font>&nbsp;</font></font>Whaley</td>
</tr>
<tr style="height: 10px;">
<td colspan="3" style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 10px;">
<p style="margin: 0pt;"><br><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Times; font-size: 10pt;">Bruce Whaley, Director</font></p>
</td>
</tr>
<tr style="height: 20px;">
<td colspan="3" style="vertical-align: top; width: 249pt; height: 20px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 2.5pt; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 216.5pt; height: 20px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
</tr>

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<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>15</font></font></td>
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</table>
<hr style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0pt; text-align: center; text-indent: 24pt;"><br></p>
<p style="margin: 0pt; text-align: center; text-indent: 24pt;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT INDEX</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 100%; text-indent: 0px;" width="100%">

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<td style="vertical-align: middle; width: 3.76%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="width: 1.62%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: left; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.1*</font></p>
</td>
<td style="vertical-align: middle; width: 2%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; width: 92.56%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Form of Underwriting Agreement, Placement Agency Agreement, Dealer-Manager Agreement, Distribution Agreement or similar agreement.</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; width: 3.76%; height: 34px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 34px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">4.1</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 34px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 34px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><a href="http://www.sec.gov/Archives/edgar/data/840715/000175392620000071/ex41_7.htm" rel="noopener"><font style="color: #0000ff; font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (filed as Exhibit 4.1 to ClearOne, Inc.&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019 and incorporated herein by reference).</font></a></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">4.2*</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Form of Warrant.</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">5.1</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><a href="g082021_ex5-1.htm" name="EX-5.1" class="LinkedExhibit" style="-sec-extract: exhibit;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Opinion of Seyfarth Shaw LLP regarding the validity of the securities being issued. </font></a></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">10.1*</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Form of Stock Purchase Contract.</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">10.2*</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Form of Unit.</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">23.1</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><a href="g082021_ex23-1.htm" name="EX-23.1" class="LinkedExhibit" style="-sec-extract: exhibit;"><font style="color: #0000ee; font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Consent of Tanner</font><font style="color: #0000ee; font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;"> LLC</font></a></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3.76%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">23.2</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consent of Seyfarth Shaw LLP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (included in Exhibit 5.1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; width: 3.76%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 1.62%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">24.1</font></p>
</td>
<td style="vertical-align: top; width: 2%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 92.56%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Power of Attorney (included on signature page).</font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul>
<li><font style="font-family: 'Times New Roman'; font-size: 10pt;">To be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated herein by reference, if applicable.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></li>
</ul>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>16</font></font></td>
</tr>

</table>
<hr style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;"><br></font></p>
</div>
</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>g082021_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p align="right" style="text-align: right; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;">Exhibit 5.1</b></font></p>
<p align="center" style="text-align: center; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p align="center" style="text-align: center; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">[LETTERHEAD OF SEYFARTH SHAW LLP]</font></p>
<p align="center" style="text-align: center; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;&nbsp;</p>
<p align="center" style="text-align: center; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">August 25, 2020</font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;">&nbsp;</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">ClearOne, Inc.</font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5225 Wiley Post Way</font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Suite 500</font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Salt Lake City, UT 84116</font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: 0pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Re:<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u>Registration Statement on Form S-3</u></font></p>
<p style="margin: 0in 0.5in 0.0001pt 0in; text-indent: -1in; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ladies and Gentlemen:</font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font><font style="font-size: 8pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">We have acted as counsel to ClearOne, Inc., a Delaware corporation (the &#8220;Company&#8221;), in connection with the Company&#8217;s registration statement on Form&nbsp;S-3 filed with the Securities and Exchange Commission (the &#8220;Registration Statement&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), relating to an aggregate of up to $10,000,000 aggregate principal amount of shares of common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), warrants to purchase shares of Common Stock (the &#8220;Warrants&#8221;), stock purchase contracts (&#8220;SPCs&#8221;) and units consisting of any combination of Common Stock, Warrants and SPCs (the &#8220;Units&#8221;) of the Company (each a &#8220;Security&#8221; and collectively, the &#8220;Securities&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). </font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">In our capacity as counsel to the Company and for purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the &#8220;Documents&#8221;):</font></p>
<table style="height: 251px; width: 92%; margin-left: 95px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the Certificate of Incorporation of the Company, as in effect on the date hereof (the &#8220;Charter&#8221;);</font></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 10px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the Bylaws of the Company, as in effect on the date hereof (the &#8220;By-Laws&#8221;);</font></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 10px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the Registration Statement and all exhibits thereto;</font></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="vertical-align: top; height: 10px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a status certificate of the Secretary of State of the State of Delaware, dated as of a recent date, to the effect that the Company is duly incorporated and validly existing under the laws of the State of Delaware and is duly authorized to transact business in the State of Delaware;</font></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="vertical-align: top; height: 34px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a status certificate of the Secretary of State of the State of Utah, dated as of a recent date, to the effect that the Company is a foreign corporation duly qualified and authorized to conduct business in the State of Utah;</font></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vi)</font></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the corporate proceedings of the Company with respect to the authorization of the issuance of the Securities; and</font></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 3.57236%;" valign="top"><br></td>
<td style="vertical-align: top; height: 17px; width: 88.4276%; text-align: justify;" valign="top">&nbsp;</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; width: 3.57236%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vii)</font></td>
<td style="vertical-align: top; height: 34px; width: 88.4276%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">such other corporate records, documents and other instruments as we have deemed necessary or appropriate to express the opinions set forth in this letter, subject to the assumptions, limitations and qualifications stated herein.</font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 3.57236%;"><br></td>
<td style="height: 17px; width: 88.4276%;">&nbsp;</td>
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</table>
<p style="text-align: justify; text-indent: 1in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">&nbsp;As to questions of fact material to this opinion, we have relied on certificates or comparable documents of public officials and of officers and representatives of the Company.</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">In reaching the opinions set forth below, we have assumed the following:</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(a)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>each person executing any of the Documents on behalf of any party (other than the Company) is duly authorized to do so;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(b)<font style="mso-tab-count: 1;">&nbsp; &nbsp; &nbsp; &nbsp;</font>each natural person executing any of the Documents is legally competent to do so;</font></p>
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<p style="text-align: justify; text-indent: 0px; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(c)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>any of the Documents submitted to us as originals are authentic; the form and content of any Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents as executed and delivered; any of the Documents submitted to us as certified, facsimile or photostatic copies conform to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission of the parties or otherwise;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(d)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>all certificates submitted to us are true, correct and complete both when made and as of the date hereof;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(e)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>the resolutions to be adopted subsequent to the date hereof, and the actions to be taken by the Company&#8217;s Board of Directors or a duly authorized committee thereof subsequent to the date hereof, including, but not limited to, the adoption of all resolutions and the taking of all actions necessary to authorize the issuance and sale of the Securities in accordance with the Charter, Bylaws and applicable law;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">(f)<font style="mso-tab-count: 1;">&nbsp; &nbsp; &nbsp;&nbsp;</font>the number of each class of Securities to be offered and sold subsequent to the date hereof as Securities under the Registration Statement, together with the number of Securities of the same class issuable upon exercise, conversion or exchange of any such Securities will not, in the aggregate, exceed the number of shares of each such class of Securities authorized in the Charter;</font></p>
<p style="text-align: justify; text-indent: 0px; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;">(g)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>none of the terms of any of the Securities or any agreements related thereto to be established subsequent to the date hereof, nor the issuance or delivery of any such Securities containing such terms established subsequent to the date hereof, nor the compliance by the Company with the terms of any such Securities or agreements established subsequent to the date hereof will violate any applicable law or will conflict with, or result in a breach or violation of, the Charter or Bylaws, or any instrument or agreement to which the Company is a party or by which the Company is bound or any order or decree of any court, administrative or governmental body having jurisdiction over the Company;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;">(h)<font style="mso-tab-count: 1;">&nbsp; &nbsp; &nbsp; &nbsp;</font>the form of certificate or other instrument or document representing the Securities approved subsequent to the date hereof will conform in all respects to the requirements applicable under Delaware law; and</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;"><font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;">(i)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the Registration Statement has been filed with the Commission and the Registration Statement and any and all Prospectus Supplement(s) required by applicable laws have been effective under the Securities Act, except with respect to the opinion expressed in paragraph no. 2 below which is not subject to this assumption.</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-size: 9pt;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 1.05in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 9pt;"><font style="color: #000000;">The scope of this opinion is limited to the laws of the State of Delaware, including without limitation applicable provisions of the Delaware Constitution and reported judicial decisions interpreting these laws.<font style="mso-spacerun: yes;">&nbsp; </font></font>This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. <font style="color: #000000;">We have assumed that, at or prior to the time of the issuance and delivery of any Securities, that there will not have occurred any change in law or the Company&#8217;s Charter, or further action by the Company&#8217;s Board of Directors, in each case affecting the validity of the issuance of the Securities.</font></font></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 9pt;">Based on the foregoing, and subject to the assumptions, limitations and qualifications set forth herein, we are of the opinion that:</font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 9pt;">1)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Upon due authorization by the Board of Directors of a designated number of shares of Common Stock for issuance at a minimum price or value of consideration to be set by the Board of Directors, all necessary corporate action on the part of the Company will have been taken to authorize the issuance and sale of such shares of Common Stock, and when such shares of Common Stock are issued and delivered against payment of the consideration therefor as set by the Board of Directors, such shares of Common Stock will be validly issued, fully paid and non-assessable.</font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 9pt;">2)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Company has the corporate power to enter into SPCs and the Units.</font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 9pt;">3)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Upon: (i) approval by the Company&#8217;s Board of Directors of an underwriting agreement, stock purchase agreement or other contract (each, a &#8220;Purchase Agreement&#8221;) relating to any series of SPCs or Units and due authorization by the Board of Directors of the delivery of the SPCs or Units pursuant to any such Purchase Agreement;(iii) due execution of such any such Purchase Agreement or on behalf of the Company; and (iii) compliance with the conditions established by the Board of Directors for the delivery of the SPCs or Units, such SPCs or Units may be delivered by or on behalf of the Company and will be legal, valid and binding obligations of the Company.</font></p>
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<p><br></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">4)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Upon: (a) designation and titling by the Company&#8217;s Board of Directors of the Warrants; (b) due authorization by the Board of Directors of the execution and delivery by the Company of a warrant agreement relating to the Warrants; (c) setting by the Board of Directors of the number of Warrants to be issued; (d) establishment by the Board of Directors of the terms, conditions and provisions of the Warrants; (e) due authorization by the Board of Directors of the Warrants for issuance at a minimum price or value of consideration to be set by the Board of Directors; and (f) reservation and due authorization by the Board of Directors of the shares of Common Stock of the Company issuable upon exercise of such Warrants in accordance with the procedures set forth in Paragraph 1, at a minimum price or value of consideration to be set by the Company&#8217;s Board of Directors, all necessary corporate action on the part of the Company will have been taken to authorize the issuance and sale of the Warrants and the Warrants will be legal, valid and binding obligations of the Company.</font></p>
<p style="text-align: justify; text-indent: 0.5in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to the reference to us under the heading "Legal Matters" in the Registration Statement, the prospectus constituting a part thereof and any amendments or supplements thereto, as incorporated by reference in the Registration Statement.<font style="mso-spacerun: yes;">&nbsp; </font>In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder. In rendering the opinions set forth above, we are opining only as to the specific legal issues expressly set forth therein, and no opinion shall be inferred as to any other matter or matters.</font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="text-align: justify; text-indent: 0.5in; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">This opinion is intended solely for use in connection with the registration of the Securities that are the subject of the Registration Statement and is not to be relied upon for any other purpose. </font></p>
<p style="text-align: justify; margin: 0in 0in 12pt; text-indent: 1in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 50%;"><br></td>
<td style="width: 50%;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Very truly yours,</font></td>
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<td style="width: 50%;"><font style="font-size: 10pt;"><u style="color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">/s/ SEYFARTH SHAW LLP</u></font></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>g082021_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p align="right" style="text-align: right; margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="mso-bidi-font-weight: normal;">Exhibit 23.1</b></font></p>
<p style="margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p align="center" style="text-align: center; margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="mso-bidi-font-weight: normal;">CONSENT OF INDEPENDENT REGISTERED</b></font></p>
<p align="center" style="text-align: center; margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="mso-bidi-font-weight: normal;">PUBLIC ACCOUNTING FIRM</b></font></p>
<p style="margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated March 30, 2020, with respect to the consolidated balance sheets of ClearOne, Inc. and subsidiaries as of December 31, 2019 and 2018, and the related consolidated statements of operations and comprehensive loss, shareholders&#8217; equity, and cash flows for each of the years in the two-year period ended December 31, 2019, and to the reference to our firm under the heading &#8220;Experts&#8221; in the Prospectus, which is part of this Registration Statement on Form S-3.</font></p>
<p style="margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">/s/ TANNER LLC</font></p>
<p style="margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salt Lake City, Utah</font></p>
<p style="margin: 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">August 25, 2020</font></p>
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