<SEC-DOCUMENT>0001753926-21-000468.txt : 20210927
<SEC-HEADER>0001753926-21-000468.hdr.sgml : 20210927
<ACCEPTANCE-DATETIME>20210924173700
ACCESSION NUMBER:		0001753926-21-000468
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210927
DATE AS OF CHANGE:		20210924

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:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259799
		FILM NUMBER:		211278404

	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>MainDocument.htm
<DESCRIPTION>S-3
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">As filed with the Securities and Exchange Commission on </font><font style="font-family: 'Times New Roman'; font-weight: bold;">September </font><font style="font-family: 'Times New Roman'; font-weight: bold;">24</font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 2021</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Registration No.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 333-</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">UNITED STATES</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Washington, D.C. 20549</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">FORM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">S-3</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">REGISTRATION STATEMENT UNDER</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">THE SECURITIES ACT OF 1933</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CLEARONE, INC.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(Exact name of registrant as specified in its charter)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">DELAWARE</font></p>
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<td style="width: 2%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">87-0398877</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(State or Other Jurisdiction of Incorporation or</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt;">Organization)</font></p>
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<td style="width: 2%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 49%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(I.R.S. Employer Identification Number)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">5225 Wiley Post Way</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Suite 500</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Salt Lake City, Utah 84116</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(801) 975-7200</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(Address, including zip code, and telephone number, including</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt;">area code, of registrant&#8217;s principal executive offices)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Zeynep Hakimoglu</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">President and Chief Executive Officer</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ClearOne, Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">5225 Wiley Post Way, Suite 500</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Salt Lake City, Utah 84116</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(801) 975-7200</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(Name, address, including zip code, and telephone number,</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt;">including area code, of agent for service)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Copies to:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Michael Dunn,</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Esq.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Seyfarth Shaw LLP</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">700 Milam Street, Suite 1400</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Houston, TX 77002</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(713) 238-1817</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<div align="center"><hr size="1" align="center" noshade="noshade" style="width: 25%; color: #808080; background-color: #808080;"></hr></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">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-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">If this form is filed to register additional securities for an offering pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">462(b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">If this form is a post-effective amendment filed pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">462(c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">If this Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">462(e)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">under the Securities Act of 1933, check the following box.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">If this Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">413(b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">under the Securities Act of 1933, check the following box.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Large accelerated filer</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 40%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Accelerated filer</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Non-accelerated filer</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Smaller reporting company</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Emerging growth company</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61551;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CALCULATION OF REGISTRATION FEE</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<td style="width: 14.4948%; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><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: 3.67pt; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<td style="width: 14.88%; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><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</font><font style="font-family: 'Times New Roman'; font-size: 3.67pt; vertical-align: super;">(2)(3)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><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</font><font style="font-family: 'Times New Roman'; font-size: 3.67pt; vertical-align: super;">(2)(3)</font></p>
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<td style="width: 1.8747%; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<td style="width: 16%; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><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</font><font style="font-family: 'Times New Roman'; font-size: 3.67pt; vertical-align: super;">(2)(3)</font></p>
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<td style="width: 4.12%; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<td style="width: 29.1%; border-bottom: 2.25pt double #000000; vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 10.1pt; margin-bottom: 0pt; text-indent: -10.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Common Stock ($0.001 par value)</font><font style="font-family: 'Times New Roman'; font-size: 3.67pt; vertical-align: super;">(1)(2)</font><font style="font-family: 'Times New Roman';">:</font></p>
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<td style="width: 0.6%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 14.4948%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; text-align: center;"><font style="font-family: 'Times New Roman';">7,246,378</font></p>
</td>
<td style="width: 1.70525%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><br></p>
</td>
<td style="width: 14.88%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; text-align: center;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">2.48</font></p>
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<td style="width: 2.1%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 15.0922%; border-bottom: 2.25pt double #000000; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; text-align: center;"><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">17,971,017.44</font></p>
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<td style="width: 1.8747%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 16%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; text-align: center;"><font style="font-family: 'Times New Roman';">$1,960.64</font></p>
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<td style="width: 4.12%; border-bottom: 2.25pt double #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 2.56%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(1)</font></p>
</td>
<td style="width: 0.5%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 96.94%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">This Registration Statement registers the resale of </font><font style="font-family: 'Times New Roman';">3,623,189</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">issued and outstanding </font><font style="font-family: 'Times New Roman';">shares of common stock of ClearOne, Inc.</font><font style="font-family: 'Times New Roman';"> (the &#8220;Company&#8221;) and up to 3,623,189 additional shares of common stock of the Company issuable upon exercise of issued and outstanding warrants issued on September 15, 2021 in a private placement exemption from registration pursuant to Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder</font><font style="font-family: 'Times New Roman';">. This Registration Statement also relates to such additional securities (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to be offered or issued in connection with any provision of any securities purported to be registered hereby to be offered pursuant to terms which provide for a change in the amount of securities being offered or issued to prevent dilution resulting from stock splits, stock dividends, or similar transactions and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of the same class as the securities covered by this Registration Statement issued or issuable prior to completion of the distribution of the securities covered by this Registration Statement as a result of a split of, or a stock dividend on, the registered securities.</font></p>
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<tr style="height: 12.75pt;">
<td style="width: 2.56%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(2)</font></p>
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<td style="width: 0.5%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 96.94%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">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>
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<td style="width: 2.56%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(3)</font></p>
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<td style="width: 0.5%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 96.94%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act. The price per share and aggregate offering price are based on the average of the high and low sales prices of the</font><font style="font-family: 'Times New Roman';"> common stock on September 17, 2021</font><font style="font-family: 'Times New Roman';">, as reported on The NASDAQ Capital Market.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 2pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 4pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; 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-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; 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-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8(a), may determine.&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; border: 1pt solid #ff0000; padding: 3pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; color: #f93f26;">The information contained in this prospectus is not complete and may be changed. The selling stockholder</font><font style="font-family: 'Times New Roman'; font-weight: bold; color: #f93f26;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; color: #f93f26;"> named in this prospectus 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; color: #ff0000;">Subject to Completion, Dated </font><font style="font-family: 'Times New Roman'; font-weight: bold; color: #ff0000;">September 24</font><font style="font-family: 'Times New Roman'; font-weight: bold; color: #ff0000;">, 202</font><font style="font-family: 'Times New Roman'; font-weight: bold; color: #ff0000;">1</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PROSPECTUS</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CLEARONE, INC.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7,246,378</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> Shares of Common Stock</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This prospectus relates to the possible resale, from time to time, by the selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> identified in this prospectus of up to </font><font style="font-family: 'Times New Roman';">7,246,378</font><font style="font-family: 'Times New Roman';"> shares of our common stock, par value $0.001 per share, initially issued in a private placement transaction.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">3,623,189</font><font style="font-family: 'Times New Roman';"> of the shares offered by this prospectus are issuable upon exercise of outstanding common stock warrants with an initial exercise price of $</font><font style="font-family: 'Times New Roman';">2.64</font><font style="font-family: 'Times New Roman';"> per share.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> may offer the shares from time to time as such selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> may determine through public or private transactions or through other means described in the section entitled &#8220;Plan of Distribution&#8221; or a supplement to this prospectus. The selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> also</font><font style="font-family: 'Times New Roman';"> may</font><font style="font-family: 'Times New Roman';"> sell shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The registration of these shares does not necessarily mean that the selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> will sell any of</font><font style="font-family: 'Times New Roman';"> their</font><font style="font-family: 'Times New Roman';"> shares or exercise </font><font style="font-family: 'Times New Roman';">their</font><font style="font-family: 'Times New Roman';"> warrants. We are not offering for sale any shares of our common stock pursuant to this prospectus. We will not receive any cash proceeds from the sale of any of our shares of common stock by the selling stockholder, but we have agreed to pay certain registration expenses.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">September 23</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';"> was $</font><font style="font-family: 'Times New Roman';">2.45</font><font style="font-family: 'Times New Roman';"> per share. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">You should carefully read and consider the risk factors beginning on page 4 of this prospectus and under Part</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">I,</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Item 1A contained in our most recent Annual Report on Form</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; 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-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">II,</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Item 1A of our Quarterly Reports on Form</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">10-Q.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our mailing address and telephone number are:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5225 Wiley Post Way</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Suite 500</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Salt Lake City, Utah 84116</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(801) 975-7200</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The date of this prospectus is</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> , 202</font><font style="font-family: 'Times New Roman';">1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ABOUT THIS PROSPECTUS</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In considering any decision regarding an investment in the shares which are the subject of this prospectus, you should rely only upon the information contained in this prospectus and the information that we incorporate by reference into this prospectus. We have not authorized any persons to provide you with information which is different from the information contained in this prospectus or the information that we incorporate by reference into this prospectus. We take no responsibility for and can provide no assurances as to the reliability of, any other information that you may obtain from other sources. The information contained in this prospectus is accurate only as of the date on the front cover of this prospectus. Any and all information that we incorporate by reference is accurate only as of the date of the referenced document so incorporated.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 shares of our common stock 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission (the "SEC"). 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">Inc. and its subsidiaries. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">27A of the Securities Act of 1933, as amended</font><font style="font-family: 'Times New Roman';"> (the &#8220;Securities Act&#8221;)</font><font style="font-family: 'Times New Roman';">, and Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21E of the Securities Exchange Act of 1934, as amended</font><font style="font-family: 'Times New Roman';"> (the &#8220;Exchange Act&#8221;)</font><font style="font-family: 'Times New Roman';">, 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information on factors which could impact us and the statements contained herein, see the &#8220;Risk Factors&#8221; under Part</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">I,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item 1A in our most recent Annual Report on Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">II,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item 1A of our Quarterly Reports on Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10-Q.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">WHERE YOU CAN FIND MORE INFORMATION</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">S-</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> under the Securities Act, with respect to the Common Stock 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';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">http://www.sec.gov</font><font style="font-family: 'Times New Roman';">. 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';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">http://www.clearone.com/</font><font style="font-family: 'Times New Roman';">. The information contained in our website is not a part of this prospectus.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">our Annual Report on Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10-K for the fiscal year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, as filed with the SEC on</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">March 3</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our Quarterly Report</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> on Form 10-Q for the fiscal quarter</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> ended March 31, 202</font><font style="font-family: 'Times New Roman';">1 and June 30, 2021</font><font style="font-family: 'Times New Roman';">, as filed with the SEC on May </font><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1 and August 10, 2021, respectively</font><font style="font-family: 'Times New Roman';">;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">our Current Reports on Form 8-K, as filed with the SEC on January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.07), June 3, 2021 (Item 8.01), July 9, 2021 (Items 1.01, 2.03 and 9.01), August 24, 2021 (Items 5.07 and 9.01), </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">September 13, 2021</font><font style="font-family: 'Times New Roman';"> (Items 1.01</font><font style="font-family: 'Times New Roman';">, 3.02</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and 9.01);</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">our definitive proxy statement on Schedule 14A as filed with the SEC on</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">July 16, 2021</font><font style="font-family: 'Times New Roman';">; and</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All documents subsequently filed by us (other than current reports furnished under Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.02 or Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">7.01 of Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">8-K expressly provides to the contrary) with the SEC pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">a part and prior to effectiveness of such registration statement, until we file</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The documents incorporated by reference into this prospectus are also available on our corporate website at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">http://www.clearone.com</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">ClearOne,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Inc.</font><br><font style="font-family: 'Times New Roman';">5225 Wiley Post Way, Suite 500</font><br><font style="font-family: 'Times New Roman';">Salt Lake City, UT 84116</font><br><font style="font-family: 'Times New Roman';">(801-975-7200</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">INFORMATION ABOUT</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">THE COMPANY</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have been a global market leader enabling conferencing, collaboration, and network streaming solutions. We design, develop and sell conferencing, collaboration and network streaming solutions for voice and visual communications. The performance and simplicity of our advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our comprehensive line of high-quality conferencing and collaboration products are targeted for</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">large, medium and small businesses, as well as for personal use. We</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">have been</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">project design and support costs</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">with our products designed and built to work with each other seamlessly.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';"> See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Information By Reference.&#8221;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">RISK FACTORS</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">10-K for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, filed with the SEC on March 3</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 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</font><font style="font-family: 'Times New Roman';"> subsequently file with the SEC, as well as the additional risk factor set forth below.</font></p>
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<p style="margin-top: 8pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">As a result of Edward D. Bagley&#8217;s significant share ownership position in the Company, he is able to influence corporate matters.</font></p>
<p style="margin-top: 4.5pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based solely on filings by Edward D. Bagley under Regulation 13D and Section 16 of the Exchange Act, Mr. Bagley beneficially owns approximately </font><font style="font-family: 'Times New Roman';">37.4</font><font style="font-family: 'Times New Roman';">% of our outstanding shares of common stock.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Pursuant to the Note Purchase Agreement, dated December 8, 2019, by and between Mr. Bagley and the Company, Mr. Bagley also has a security interest in substantially all of the assets of the Company as well as certain observer rights with respect to meetings of our board of directors.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> In addition, Mr. Bagley&#8217;s daughter, Lisa Higley, is a member of our board of directors. </font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Based on Mr. Bagley&#8217;s significant share ownership, as well as his security interests in substantially all of our assets, Mr. Bagley will be able to significantly influence who serves on our board of directors and the outcome of matters required to be submitted to our stockholders for approval, including, without limitation, decisions relating to the outcome of any proposed merger or consolidation of our company and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Mr. Bagley&#8217;s significant interest in us may discourage third parties from seeking to acquire control of us, which may adversely affect the market price of our common stock. In addition, based solely on filings by other members of Mr. Bagley&#8217;s family and their family trusts under Regulation 13D and Section 16 of the Exchange Act, such family members and their family trusts collectively b</font><font style="font-family: 'Times New Roman';">eneficially own an additional </font><font style="font-family: 'Times New Roman';">17.3</font><font style="font-family: 'Times New Roman';">% of our outstanding shares of common stock, however, Mr. Bagley asserts he does not have control over and disclaims beneficial ownership of such shares. Mr. Bagley&#8217;s interests and the interests of his family and their family trusts may not be consistent with those of our other stockholders.</font></p>
<p style="margin-top: 8pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investors may suffer additional dilution as a result of future financing transactions.&nbsp;</font></p>
<p style="margin-top: 4.5pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If we issue additional common stock, or securities convertible into or exchangeable or exercisable for</font><font style="font-family: 'Times New Roman';"> common stock, our stockholders</font><font style="font-family: 'Times New Roman';"> may experience additional dilution. We may not be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders.&nbsp;</font></p>
<p style="margin-top: 8pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 7.5pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The issuance of additional common stock may negatively impact the trading price of our common stock.</font></p>
<p style="margin-top: 4.5pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have issued equity securities in the past, will issue equity securities in this offering and may continue to issue equity securities to finance our activities in the future. In addition, outstanding options and warrants to purchase our common stock may be exercised, outstanding secured convertible notes may be converted to shares of our common stock, and additional options and warrants may be issued, resulting in the issuance of additional shares of common stock. The issuance by us of add</font><font style="font-family: 'Times New Roman';">itional shares of common stock </font><font style="font-family: 'Times New Roman';">would result in dilution to our stockholders, and even the perception that such an issuance may occur could have a negative impact on the trading price of our common stock.</font></p>
<p style="margin-top: 8pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The market price of our common stock is volatile, and the value of your investment could decline significantly.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font></p>
<p style="margin-top: 4.5pt; margin-bottom: 5pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The trading price for our common stock has been, and we expect it to continue to be, volatile.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> The price at which our common stock trades depends upon a number of factors, including our historical and anticipated operating results, our financial situation, announcements of technological innovations or new products by us or our competitors, our ability or inability to continue the listing of our common stock on a national securities exchange, our ability or inability to raise the additional capital we may need and the terms on which we raise it, and general market and economic conditions, some of which are beyond our control.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> These broad market fluctuations may lower the market price of our common stock and affect the volume of trading in our stock.</font></p>
<p style="margin-top: 8pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Because we do not intend to pay dividends on our common stock, stockholders will benefit from an investment in our stock only if it appreciates in value.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We currently intend to retain all future earnings, if any, for use in the operations and expansion of the business. As a result, we do not anticipate paying cash dividends in the foreseeable future. Any future determination as to the declaration and payment of cash dividends will be at the discretion of our board of directors and will depend on factors the board of directors deems relevant, including among others, our results of operations, financial condition and cash requirements, business prospects, and the terms of our secured convertible notes and other financing arrangements. Accordingly, realization of a gain on stockholders&#8217; investments will depend on the appreciation of the price of our stock. There is no guarantee that our stock will appreciate in value.</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">USE OF PROCEEDS</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We will not receive any cash proceeds from the sale of shares of our common stock by the selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> pursuant to this prospectus. The selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> will bear any underwriting commissions and discounts attributable to </font><font style="font-family: 'Times New Roman';">their </font><font style="font-family: 'Times New Roman';">sale</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of shares of our common stock. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><br><font style="font-family: 'Times New Roman'; font-weight: bold;">SELLING STOCKHOLDER</font><font style="font-family: 'Times New Roman'; font-weight: bold;">S</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">n </font><font style="font-family: 'Times New Roman';">September 12, 2021</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company </font><font style="font-family: 'Times New Roman';">entered into a Securities Purchase Agreement (the &#8220;P</font><font style="font-family: 'Times New Roman';">urchase Agreement&#8221;) with the </font><font style="font-family: 'Times New Roman';">selling stockholders</font><font style="font-family: 'Times New Roman';"> identified in the table below (the &#8220;Selling Stockholders&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">pursuant to which the Company </font><font style="font-family: 'Times New Roman';">issued and sold </font><font style="font-family: 'Times New Roman';">3,623,</font><font style="font-family: 'Times New Roman';">189</font><font style="font-family: 'Times New Roman';"> shares</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(the &#8220;Primary Shares&#8221;) </font><font style="font-family: 'Times New Roman';">of the Company&#8217;s common stock, par value $0.0</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">1 per share (the &#8220;Common Stock&#8221;)</font><font style="font-family: 'Times New Roman';">, and warrants (the &#8220;Warran</font><font style="font-family: 'Times New Roman';">ts&#8221;) to purchase up to 3,623,189 (the &#8220;Warrant Shares&#8221;)</font><font style="font-family: 'Times New Roman';"> shares of Common Stock (the &#8220;Offering&#8221;).</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The purchase price for one share of Common Stock and one Warrant </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">2.76</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">Primary </font><font style="font-family: 'Times New Roman';">Shares, </font><font style="font-family: 'Times New Roman';">Warrants and </font><font style="font-family: 'Times New Roman';">Warrant Shares</font><font style="font-family: 'Times New Roman';"> were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On September 15, 2021, the Company completed the issuance and sale of the </font><font style="font-family: 'Times New Roman';">Primary </font><font style="font-family: 'Times New Roman';">Shares and Warrants to the </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">elling </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tockholders. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Warrants have an initial exercise price equal to $2.64, and will be exercisable until March 15, 2027.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> The Warrants must be exercised for cash, unless at the time of exercise there is not a then effective registration statement for the resale of the </font><font style="font-family: 'Times New Roman';">Warrant Shares</font><font style="font-family: 'Times New Roman';">, in which case the Warrants may be exercised via a cashless exercise feature that provides for net settlement of the shares of Common Stock issuable upon exercise.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Common S</font><font style="font-family: 'Times New Roman';">tock being offered by the </font><font style="font-family: 'Times New Roman';">Selling Stockholders</font><font style="font-family: 'Times New Roman';"> are those</font><font style="font-family: 'Times New Roman';"> Primary Shares</font><font style="font-family: 'Times New Roman';"> previously issued to the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s, and those</font><font style="font-family: 'Times New Roman';"> Warrant Shares</font><font style="font-family: 'Times New Roman';"> issuable to the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s, upon exercise of the </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">We are registering the </font><font style="font-family: 'Times New Roman';">Primary Shares and Warrant S</font><font style="font-family: 'Times New Roman';">hares in order to permit the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s to offer those </font><font style="font-family: 'Times New Roman';">shares </font><font style="font-family: 'Times New Roman';">of Common Stock </font><font style="font-family: 'Times New Roman';">for resale from time to time.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">Except for the ownership of the </font><font style="font-family: 'Times New Roman';">Primary S</font><font style="font-family: 'Times New Roman';">hares </font><font style="font-family: 'Times New Roman';">and the W</font><font style="font-family: 'Times New Roman';">arrants, the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s have not had any material relationship with us within the past three years.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below lists the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s and other information regarding the beneficial ownership of </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> shares of </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tock by each of the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The second column lists the number of shares of </font><font style="font-family: 'Times New Roman';">our Common S</font><font style="font-family: 'Times New Roman';">tock beneficially owned by each</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">, based on its ownership of the </font><font style="font-family: 'Times New Roman';">Primary S</font><font style="font-family: 'Times New Roman';">hares </font><font style="font-family: 'Times New Roman';">and W</font><font style="font-family: 'Times New Roman';">arrants, as of </font><font style="font-family: 'Times New Roman';">September 15</font><font style="font-family: 'Times New Roman';">, 2021, assuming exercise of the </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants held by the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s on that date, without regard to any limitations on exercises.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The third column lists the shares of </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tock being offered by this prospectus by the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> consisting of the Primary Shares and the Warrant Shares</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with the terms of a registration rights agreement with the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s, this prospectus generally covers the resale of the sum of (i) the number of </font><font style="font-family: 'Times New Roman';">Primary S</font><font style="font-family: 'Times New Roman';">hares issued to the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s in </font><font style="font-family: 'Times New Roman';">the Offering </font><font style="font-family: 'Times New Roman';">described above and (ii) the maximum number of </font><font style="font-family: 'Times New Roman';">Warrant S</font><font style="font-family: 'Times New Roman';">hares issuable upon exercise of the related </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants, determined as if the outstanding </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants were exercised in full as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any limitations on the exercise of the </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The fourth</font><font style="font-family: 'Times New Roman';"> column assumes the sale of all of the shares offered by the</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s pursuant to this prospectus.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the terms of the </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants, a</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';"> may not exercise any </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants to the extent such exercise would cause such</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">, together with its affiliates and attribution parties, to beneficially own a number of shares of </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tock which would exceed 4.99% or 9.99%, as applicable, of our then outstanding </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tock following such exercise, excluding for purposes of such determination shares of </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tock issuable upon exercise of such </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">arrants which have not been exercised. The number of shares in the second and fourth columns do not reflect this limitation.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> Selling Stockholder</font><font style="font-family: 'Times New Roman';">s may sell all, some or none of their shares in this offering.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">See "Plan of Distribution."&nbsp;</font><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&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'>5</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 524px;" width="100%">

<tr style="height: 26px;">
<td style="width: 32.9%; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid #000000; font-size: 8pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Name and Address of Selling Stockholder</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 26px; width: 20.2909%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Number</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Shares</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of Common Stock Owned Prior to Offering</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">1)(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">2)</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">1)(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">2)</font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 26px; width: 14.9632%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Number</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Shares</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of Common Stock Owned After Offering</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)(2)</font></p>
</td>
<td style="vertical-align: top; height: 26px; width: 4.5789%;"></td>
</tr>
<tr style="height: 61px;">
<td style="width: 32.9%; vertical-align: top; height: 61px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Alpha Capital Anstalt</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(3)</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Lettstrasse 32</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">9490 Vaduz</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Principality of Liechtenstein</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 61px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 61px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,318</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 61px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 61px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 61px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,318</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 7pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-align: right;">&nbsp;</font></font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 61px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 61px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 60px;">
<td style="width: 32.9%; vertical-align: top; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Armistice Capital Master Fund Ltd.</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(4)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">c/o </font><font style="font-family: 'Times New Roman';">Armistice Capital, LLC</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">510 Madison Avenue, 7th Floor</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">New York, NY 10022</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 60px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">4,347,828</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">4,347,828</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 60px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Cavalry Fund I LP</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(5)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">82 East Allendale Road, Suite 5B</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Saddle River, NJ 07458</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,320</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,320</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp; &nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Cavalry Special Ops Fund LLC</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(5)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">82 East Allendale Road, Suite 5B</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Saddle River, NJ 07458</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,318</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">362,318</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;&nbsp;</font></p>
</td>
</tr>
<tr style="height: 52px;">
<td style="width: 32.9%; vertical-align: top; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">CVI Investments, Inc.</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">6</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">c/o Heights Capital Management, Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">101 California Street, Suite 3250</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">San Francisco, CA 94111</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 52px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">724,636</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">724,636</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 52px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 52px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Intracoastal Capital, LLC</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(7)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">245 Palm Trail</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Delray Beach, FL 33483</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">181,160</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">181,160</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Iroquois Capital Investment Group LLC</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(8)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">125 Park Avenue, 25th Floor</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">New York, NY 10017</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">54,348</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">54,348</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Iroquois Master Fund Ltd.</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">9</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">125 Park Avenue, 25th Floor</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">New York, NY 10017</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">126,812</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">126,812</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 39px;">
<td style="width: 32.9%; vertical-align: top; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Lind Global Fund II LP</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">10</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">444 Madison Avenue, </font><font style="font-family: 'Times New Roman';">41st Floor</font></p>
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">New York, NY 10022</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 39px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">724,638</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">724,638</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 39px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">0</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 32.9%; vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 0.94%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 13px; width: 18.9826%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.30826%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.39002%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 24.9387%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td style="width: 1.22649%; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 13px; width: 18.3156%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 0px;">
<td style="width: 32.9%; height: 0px;"></td>
<td style="width: 0.94%; height: 0px;"></td>
<td style="width: 0.92%; height: 0px;"></td>
<td style="width: 3.58%; height: 0px;"></td>
<td style="width: 1.4%; height: 0px;"></td>
<td style="width: 13.0826%; height: 0px;"></td>
<td style="width: 1.30826%; height: 0px;"></td>
<td style="width: 1.39002%; height: 0px;"></td>
<td style="width: 24.9387%; height: 0px;"></td>
<td style="width: 1.22649%; height: 0px;"></td>
<td style="width: 13.7367%; height: 0px;"></td>
<td style="width: 4.5789%; height: 0px;"></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; display: none;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</div>
<div>
<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'>6</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" 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>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(1)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act.&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(2)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Assumes the exercise of all Warrants for Warrants Shares covered by this registration statement. </font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(3)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Konrad Ackermann has sole voting and dispositive power over the securities held for the account of this selling stockholder.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(4)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">The shares of common stock are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the "Master Fund"), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC ("Armistice Capital"), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. </font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Certain of the shares of common stock are issuable only upon the exercise of warrants, which are subject to a beneficial ownership limitation that prohibits the Master Fund from exercising any portion of the warrants if such exercise would result in the Master Fund owning more than 4.99% of our outstanding common stock.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(5)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Thomas Walsh, manager of Cavalry Fund I LP, has sole voting and dispositive power over the securities held by Cavalry Fund I LP. Mr. Walsh, manager of Cavalry Special Ops Fund LLC, has sole voting and dispositive power over the securities held by Cavalry Special Ops Fund LLC.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(6)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Heights Capital Management, Inc., the authorized agent of CVI Investments, Inc. (&#8220;CVI&#8221;), has discretionary authority to vote and dispose of the shares held by CVI and may be deemed to be the beneficial owner of these shares. Martin Kobinger, in his capacity as Investment Manager of Heights Capital Management, Inc., may also be deemed to have investment discretion and voting power over the shares held by CVI. Mr. Kobinger disclaims any such beneficial owner of the shares. CVI is affiliated with one or more FINRA members, none of whom are currently expected to participate in the sale of shares pursuant to this prospectus. The selling stockholder&#8217;s address is c/o Heights Capital Management, 101 California St., Suite 3250, San Francisco, CA 94111.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(7)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Mitchell P. Kopin (&#8220;Mr. Kopin&#8221;) and Daniel B. Asher (&#8220;Mr. Asher&#8221;), each of whom are managers of Intracoastal Capital LLC (&#8220;Intracoastal&#8221;), have shared voting control and investment discretion over the securities reported herein that are held by Intracoastal. As a result, each of Mr. Kopin and Mr. Asher may be deemed to have beneficial ownership (as determined under Section 13(d) of the Exchange Act</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> of the securities reported herein that are held by Intracoastal.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(8)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Richard Abbe is the managing member of Iroquois Capital Investment Group LLC. Mr. Abbe has voting control and investment discretion over securities held by Iroquois Capital Investment Group LLC. As such, Mr. Abbe may be deemed to be the beneficial owner (as determined under Section 13(d) of the </font><font style="font-family: 'Times New Roman';">Exchange Act</font><font style="font-family: 'Times New Roman';">) of the securities held by Iroquois Capital Investment Group LLC</font><font style="font-family: 'Times New Roman';">.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(9)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Iroquois Capital Management</font><font style="font-family: 'Times New Roman';">, LLC</font><font style="font-family: 'Times New Roman';"> is the investment manager of Iroquois Master Fund, Ltd. Iroquois Capital Management, LLC has voting control and investment discretion over securities held by Iroquois Master Fund. As managing member of Iroquois Capital, Kimberly Page make</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> voting and investment decisions on behalf of Iroquois Capital Management, LLC in its capacity as investment manager to Iroquois Master Fund Ltd. As a result of the foregoing, Ms. Page may be deemed to have beneficial ownership (as determined under Section 13(d) of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Exchange Act) of the securities held by Iroquois Capital Management</font><font style="font-family: 'Times New Roman';">, LLC</font><font style="font-family: 'Times New Roman';"> and Iroquois Master Fund.</font></p>
</td>
</tr>
<tr>
<td style="width: 4%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(10)</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Jeff Easton is the Managing Member of Lind Global Partners II, LLC, which is the General Partner of Lind Global Fund II LP, and in such capacity has the right to vote and dispose of the securities held by such entities. Mr. Easton disclaims beneficial ownership over the securities listed except to the extent of his pecuniary interest therein.&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&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'>7</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">DESCRIPTION OF OUR COMMON STOCK</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 </font><font style="font-family: 'Times New Roman';">stockholder</font><font style="font-family: 'Times New Roman';">s 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 </font><font style="font-family: 'Times New Roman';">stockholder</font><font style="font-family: 'Times New Roman';">s 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Stockholder</font><font style="font-family: 'Times New Roman';">s 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Board of Directors has the authority to issue the authorized but unissued shares of common stock without action by the </font><font style="font-family: 'Times New Roman';">stockholder</font><font style="font-family: 'Times New Roman';">s. Any future issuance of such shares would reduce the percentage ownership held by existing </font><font style="font-family: 'Times New Roman';">stockholder</font><font style="font-family: 'Times New Roman';">s and might dilute the book value of their shares.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Anti-Takeover Provisions</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Certificate of Incorporation and Bylaws</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Section 203 of the Delaware General Corporation Law</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are subject to Section 203 of the Delaware General Corporation Law</font><font style="font-family: 'Times New Roman';"> (the &#8220;DGCL&#8221;)</font><font style="font-family: 'Times New Roman';">, 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-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">a tender or exchange offer; or</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In general, Section 203 defines business combination to include the following:</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">to the interested stockholder;</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">the interested stockholder; or</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">by or through the corporation.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">NASDAQ Capital Market Listing </font></p>
<p style="margin-top: 8pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our common stock is listed on the NASDAQ Capital Market under the trading symbol &#8220;CLRO.&#8221; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Transfer Agent and Registrar</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The transfer agent and registrar for our common stock is </font><font style="font-family: 'Times New Roman';">Colonial Stock Transfer</font><font style="font-family: 'Times New Roman';">. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PLAN OF DISTRIBUTION</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Each Selling Stockholder</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">These sales may be at fixed or negotiated prices.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">A Selling Stockholder may use any one or more of the following methods when selling securities:&nbsp;</font></p>
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<li style="margin-top: 14pt; margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">ordinary brokerage transactions and transactions in which the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer solicits purchasers;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">block trades in which the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">purchases by a broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer as principal and resale by the broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer for its account;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">an exchange distribution in accordance with the rules of the applicable exchange;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">privately negotiated transactions;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">settlement of short sales; </font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">in transactions through broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</font></li>
<li style="margin-left: 63.6pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">a combination of any such methods of sale; or</font></li>
<li style="margin-left: 63.6pt; margin-bottom: 14pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">any other method permitted pursuant to applicable law.</font></li>
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<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">The Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers engaged by the Selling Stockholders may arrange for other brokers</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers to participate in sales.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">Broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker</font><font style="font-family: 'Times New Roman';">&#8209;</font><font style="font-family: 'Times New Roman';">dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">In connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">The Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&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-top: 12pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby 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 is complied with.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common stock by the Selling Stockholders or any other person.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">EXPERTS</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> 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';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">LEGAL MATTERS</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The validity of the securities being offered hereby will be passed upon by Seyfarth Shaw LLP.</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&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'>11</font></font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PART</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">II.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 14.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 32pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 2.96%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 15.4%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
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<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">SEC Registration Fee</font></p>
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<td style="width: 2.96%; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">$</font></p>
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<td style="width: 15.4%; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">1,961</font></p>
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<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Accounting Fees and Expenses</font></p>
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<td style="width: 2.96%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 15.4%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">10</font><font style="font-family: 'Times New Roman';">,000</font></p>
</td>
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<tr>
<td style="width: 81.52%; vertical-align: top; background-color: #cceeff;">
<div style="background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Legal Fees and Expenses</font></p>
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</td>
<td style="width: 2.96%; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 15.4%; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">55</font><font style="font-family: 'Times New Roman';">,000</font></p>
</td>
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<td style="width: 81.52%; vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: -10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Miscellaneous Fees and Expenses</font></p>
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<td style="width: 2.96%; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 15.4%; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">,000</font></p>
</td>
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<td style="width: 81.52%; vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 2.96%; border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">$</font></p>
</td>
<td style="width: 15.4%; border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt; background-color: #cceeff;"><font style="font-family: 'Times New Roman';">72</font><font style="font-family: 'Times New Roman';">,961</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 18pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 15.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> INDEMNIFICATION OF DIRECTORS AND OFFICERS.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#9679;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Breach of director&#8217;s duty of loyalty to the corporation or its stockholders.</font></p>
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#9679;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</font></p>
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#9679;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Unlawful payment of dividends or unlawful purchase or redemption of shares; or</font></p>
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#9679;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> Transaction from which the director derives an improper personal benefit;</font></p>
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-1</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 16.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> EXHIBITS.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See the Exhibit Index to this Registration Statement on Form S-3 which is incorporated herein by reference. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 17.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> UNDERTAKINGS.</font></p>
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<p style="margin-top: 0pt; margin-left: 39.6pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">The undersigned registrant hereby undertakes:</font></p>
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<p style="margin-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
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<p style="margin-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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';">To include any prospectus required by Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10(a)(3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of the Securities Act of 1933;</font></p>
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<p style="margin-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">424(b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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';">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-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">provided, however</font><font style="font-family: 'Times New Roman';">, that paragraphs (i), (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">13 or Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15(d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">or is contained in a form of prospectus filed pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">424(b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">that is part of the registration statement.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-2</font></td>
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<p style="margin-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -37.45pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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;"> </font><font style="font-family: 'Times New Roman';">Each prospectus filed by the registrant pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">424(b)(3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -37.45pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 3pt;"> </font><font style="font-family: 'Times New Roman';">Each prospectus required to be filed pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">424(b)(2), (b)(5)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">or (b)(7)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">as part of a registration statement in reliance on Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">430B relating to an offering made pursuant to Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">415(a)(1)(i), (vii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">or (x)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">for the purpose of providing the information required by Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10(a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">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-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Provided, however</font><font style="font-family: 'Times New Roman';">, 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-top: 0pt; margin-left: 79.2pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">424;</font></p>
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<p style="margin-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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 style="margin-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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-top: 0pt; margin-left: 118.8pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(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: 3pt;"> </font><font style="font-family: 'Times New Roman';">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-3</font></td>
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<p style="margin-top: 0pt; margin-left: 39.6pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">13(a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">or Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15(d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">15(d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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-style: italic;"> bona fide</font><font style="font-family: 'Times New Roman';"> offering thereof.</font></p>
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<p style="margin-top: 0pt; margin-left: 39.6pt; margin-bottom: 0pt; text-indent: -39.6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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: 3pt;"> </font><font style="font-family: 'Times New Roman';">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.&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-4</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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';">&nbsp;</font><font style="font-family: 'Times New Roman';">S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city </font><font style="font-family: 'Times New Roman';">of Salt Lake City, Utah on this 24th </font><font style="font-family: 'Times New Roman';">day of </font><font style="font-family: 'Times New Roman';">September, 2021</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">CLEARONE, INC.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(Registrant)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">By: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ Zeynep Hakimoglu</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Zeynep Hakimoglu</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">President and Chief Executive Officer</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(principal executive officer)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Zeynep Hakimoglu, Narsi Narayanan, or any one of them, his or her 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 S-3 or a registration statement prepared in accordance with Rule 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt;"><font style="font-family: Times; font-weight: bold; text-decoration: underline;">Date </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt;"><font style="font-family: Times; font-weight: bold; text-decoration: underline;">Signatures</font><font style="font-family: Times; font-weight: bold;"> </font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Zeynep Hakimoglu</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Zeynep Hakimoglu, Chairman of the Board of Directors, President and Chief Executive Officer </font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">(Principal Executive Officer)</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Narsi Narayanan</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Narsi Narayanan, Senior Vice President of Finance </font><br><font style="font-family: Times;">(Principal Financial and Principal Accounting Officer)</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Larry R. Hendricks</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Larry R. Hendricks, Director</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Lisa Higley</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Lisa Higley</font><font style="font-family: Times;">, Director</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Eric L. Robinson</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Eric L. Robinson, Director</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">September 24, 2021</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times; text-decoration: underline;">/s/ Bruce Whaley</font></p>
<p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">Bruce Whaley, Director</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-5</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><br><font style="font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT INDEX</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Times;">4.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><a href="http://www.sec.gov/Archives/edgar/data/840715/000175392620000071/ex41_7.htm" style="text-decoration: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">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, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;"> and incorporated herein by reference).</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br><font style="font-family: Times;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Times;">5.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br><font style="font-family: Times;">&nbsp;</font></p>
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<td style="width: 434.25pt; vertical-align: top; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex51_1.htm" name="EX-5.1" class="LinkedExhibit" style="-sec-extract: exhibit;"><font style="font-family: 'Times New Roman';">Opinion of Seyfarth Shaw LLP regarding the validity of the securities being issued. </font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br><font style="font-family: Times;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Times;">23.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br><font style="font-family: Times;">&nbsp;</font></p>
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<td style="width: 434.25pt; vertical-align: top; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex231_2.htm" name="EX-23.1" class="LinkedExhibit" style="-sec-extract: exhibit;"><font style="font-family: 'Times New Roman';">Consent of Tanner LLC</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">23.2</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Consent of Seyfarth Shaw LLP</font><font style="font-family: 'Times New Roman';"> (included in exhibit 5.1)</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">24.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Power of Attorney</font><font style="font-family: 'Times New Roman';"> (included on signature page)</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">II-6</font></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex51_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Exhibit 5.1</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">[LETTERHEAD OF SEYFARTH SHAW LLP]</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">September 24</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">ClearOne, Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5225 Wiley Post Way</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Suite 500</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Salt Lake City, UT 84116</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 36pt 0pt 72pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Re:</font><font style="width: 19.34pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Registration Statement on Form S-3</font></font></p>
<p style="margin: 0pt 36pt 0pt 72pt; text-indent: -72pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">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</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">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 </font><font style="font-family: 'Times New Roman';">7,246,378</font><font style="font-family: 'Times New Roman';"> shares of common stock, par value $0.001 per share, of the Company (the &#8220;Common Stock&#8221;) that may be sold or delivered by the part</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';"> listed as selling stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in the Registration Statement (the &#8220;Selling Stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">&#8221;), which Securities consist of (i) </font><font style="font-family: 'Times New Roman';">3,623,189</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">issued and outstanding </font><font style="font-family: 'Times New Roman';">shares of Common Stock</font><font style="font-family: 'Times New Roman';"> (the &#8220;Primary Shares&#8221;)</font><font style="font-family: 'Times New Roman';">, and (ii) </font><font style="font-family: 'Times New Roman';">3,623,189</font><font style="font-family: 'Times New Roman';"> shares of Common Stock (the &#8220;Warrant Shares,&#8221; and together with the </font><font style="font-family: 'Times New Roman';">Primary</font><font style="font-family: 'Times New Roman';"> Shares, the &#8220;Shares&#8221;) issuable by the Company upon the exercise of issued and outstanding warrants (the &#8220;Warrants&#8221;) currently held by the Selling Stockholde</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">r. The Warrant Shares, after exercise of the Warrants in accordance with the terms thereof, may each be sold or delivered, from time to time as set forth in the Registration Statement, any amendment thereto, the prospectus contained therein (the &#8220;Prospectus&#8221;) and supplements to the Prospectus, and pursuant to Rule 415 under the Securities Act. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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:</font></p>
<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 12pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </font><font style="font-family: 'Times New Roman';">the Certificate of Incorporation of the Company, as in effect on the date hereof (the &#8220;Charter&#8221;)</font><font style="font-family: 'Times New Roman';">;</font></font></p>
<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 12pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">the Bylaws of the Company, as in effect on the date hereof (the &#8220;By-Laws&#8221;);&nbsp;</font></font></p>
<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 12pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(iii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The Warrants by and between the Company and the Selling Stockholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> as in effect on the date hereof, including all such amendments, supplements and waivers thereto;</font></font></p>
<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(iv)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">the Registration Statement and all exhibits thereto;</font></font></p>
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<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 12pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(v)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman';">the corporate proceedings of the Company with respect to the authorization of the issuance of the </font><font style="font-family: 'Times New Roman';">Primary Shares and </font><font style="font-family: 'Times New Roman';">Warrants; and</font></font></p>
<p style="margin-top: 12pt; margin-left: 108pt; margin-bottom: 12pt; text-indent: -36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(vi)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman';">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></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; 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="margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.6pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.6pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have assumed the genuineness of all signatures, the conformity to the originals of all documents reviewed by us as copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence of each individual executing any document.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.6pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.6pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">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><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">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><font style="font-family: 'Times New Roman';">We have assumed that, at or prior to the time of the issuance and delivery of any Shares, that there will not have occurred any change in law, change in the Warrants 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 Shares.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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="margin-top: 12pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.</font><font style="width: 27pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Shares, </font><font style="font-family: 'Times New Roman';">have been validly issued and are fully paid and nonassessable; and</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">2.</font><font style="width: 27pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the Warrant Shares, when issued after exercise of the Warrants in accordance with the terms thereof, will be validly issued, fully paid and nonassessable.</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">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><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">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></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This opinion is intended solely for use in connection with the issuance and sale of the Shares that are the subject of the Registration Statement and is not to be relied upon for any other purpose. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; text-indent: 72pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 12pt; margin-left: 216pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Very truly</font><font style="font-family: 'Times New Roman';"> yours,</font></font></p>
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<p style="margin-top: 0pt; margin-left: 216pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;">/s/ SEYFARTH SHAW LLP</font></p>
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<DESCRIPTION>EXHIBIT 23.1
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<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: right; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold; font-size: 10pt;">Exhibit 23.1</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: center; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CO</font><font style="font-family: 'Times New Roman'; font-weight: bold;">NSENT OF INDEPENDENT REGISTERED </font><font style="font-family: 'Times New Roman'; font-weight: bold;">PUBLIC ACCOUNTING FIRM</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated March 3</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, with respect to the consolidated balance sheets of ClearOne, Inc. and subsidiaries as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and 20</font><font style="font-family: 'Times New Roman';">19</font><font style="font-family: 'Times New Roman';">, 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, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, 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></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; text-decoration: underline; font-size: 10pt;">/s/ TANNER LLC</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Salt Lake City, Utah</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">September 24, 2021</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
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