Vivani's Cortigent to Merge with ClearOne, List as CRGT
Vivani Medical announced a definitive agreement for its wholly owned subsidiary, Cortigent, to merge with a subsidiary of ClearOne, Inc. Upon consummation, Cortigent will become a wholly owned subsidiary of ClearOne, which will be renamed Cortigent Holdings, Inc. and trade under the Nasdaq ticker 'CRGT'. ClearOne will also raise $10 million to $15 million in financing. Vivani is expected to own 59.4% to 67.5% of the combined company, receiving 12.5 million shares of ClearOne. This transaction aims to reduce Vivani's direct expenditures, allow it to focus on its core drug implant business, and provide funding for Cortigent's neurostimulation technology development, including the Orion artificial vision device.
Key Highlights
- Vivani's wholly owned subsidiary, Cortigent, will merge with a ClearOne, Inc. subsidiary.
- ClearOne will be renamed Cortigent Holdings, Inc. (d/b/a Cortigent) and trade as 'CRGT' on Nasdaq.
- ClearOne will raise $10,000,000 to $15,000,000 in financing concurrently with the closing.
- Vivani will receive 12,500,000 shares of ClearOne, owning 59.4% to 67.5% of the combined company.
- The transaction is expected to reduce Vivani's expenditures and allow focus on its core drug implants.
- Cortigent will accelerate development of its Orion artificial vision device and stroke recovery device.
- The merger has been unanimously approved by both boards and is expected to close in Q3 2026.
Price Impact
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