ClearOne Inc. (CLRO) — Reincorporation detail

Announcement

2026-01-12

First SEC disclosure

Meeting / Vote

2026-03-12

COMPLETED

Effective

2026-04-22

Legal effective date

Market Cap

$10M

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Vote outcome — reincorporation proposal

Approval standard: majority of voting power of outstanding shares + majority of Class A Preferred (written consent under DGCL §228). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-01-12 · Estimation window: 2025-01-28 to 2026-01-09 (240 days)

Specification	Day-0 AR	Inference
Synthetic control (20-donor Information Technology peer pool)i	-1.40%	no inference
Market model (SPY benchmark)i	-1.78%	Patell-z p-value = 0.833
Sector-augmented model (SPY + Nasdaq-100 (QQQ)) HEADLINEi	-1.97%	Patell-z p-value = 0.814
Matched pair (vs ADBE, market-model-adjusted)i	+0.09%	two-sided p-value = 0.992
Raw differential vs ADBEi	+0.29%	no inference

Robustness checks — does the headline result hold up?

Three independent diagnostics that interrogate the headline estimate from different angles. All three pointing the same way = high confidence in the result.

Pre-event drift check: the firm's daily abnormal return drifted by +0.0008% per day in the pre-event window (p = 0.918). no detectable pre-event drift âœ“. — A near-zero slope means the pre-event period was stable, so the day-0 reaction is not contamination from a pre-existing trend.
Donor co-movement check: 9 of 20 peer firms moved in the same direction as the treated firm on the event day (binomial p = 0.8238). — A high concordance means the day was driven by industry-wide news rather than something firm-specific. A low concordance means the firm moved differently from peers (potential firm-specific signal).
Synthetic-control fit quality: pre-event correlation between the firm and its synthetic twin = -0.471 (weak tracking — interpret with caution); RÂ² = -2.788 (fraction of pre-event variance explained); Durbin-Watson = 2.01 (no autocorrelation). — Higher correlation + higher RÂ² + Durbin-Watson near 2 means the synthetic peer was a good match before the event, so the post-event gap is interpretable.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2026-03-17 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+2.24%	Patell-z p-value = 0.776

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Specification	CAR / BHAR	Details
Day-of-effective abnormal returni	+2.47%	Market-model benchmark (S&P 500)
Pooled three-event statistici	-18.18%	Pooled three-event statistic

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.814, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Nevada Statutory Disclosures

Nevada Revised Statutes (NRS) governance provisions relevant to Delaware→Nevada redomestications. Five sections summarized; each links to the Nevada Legislature’s authoritative NRS text. Counterpart to the Texas § 21.552 / § 21.373 panel for TX-destination firms.

NRS § 78.138 — Director / officer fiduciary duty

Codifies the business-judgment rule and limits monetary liability of directors and officers absent breach of loyalty, intentional misconduct, fraud, or knowing violation of law. Stronger statutory shield than DGCL § 102(b)(7) on its face; charter opt-out / carve-out is firm-specific.

PENDING VERIFICATION

Adoption with carve-out by ClearOne Inc.: primary-source verification pending; canonical record not yet populated.

NRS § 78.7502 — Indemnification of directors / officers

Broad permissive indemnification statute; covers expenses, judgments, fines, and amounts paid in settlement for any action by reason of service as director or officer, subject to good-faith standard. Charter / bylaw uptake is firm-specific.

PENDING VERIFICATION

ClearOne Inc. indemnification provisions pending charter / bylaw extraction.

NRS §§ 78.378–3793 — Acquisition of controlling interest

Nevada's control-share acquisition statute (anti-takeover): voting rights of shares acquired in a “control-share acquisition” are extinguished absent disinterested-shareholder approval. Opt-out is by charter or bylaw amendment; default is opt-in for Nevada corporations meeting the statute's coverage thresholds.

PENDING VERIFICATION

ClearOne Inc. opt-in / opt-out status pending charter or bylaw verification.

NRS §§ 78.411–444 — Combinations with interested stockholders

Nevada's business-combination statute (anti-takeover): for two years post-acquisition, a Nevada corporation may not engage in a “combination” with a 10%+ interested stockholder unless the board pre-approved the transaction. Charter opt-out available.

PENDING VERIFICATION

ClearOne Inc. opt-in / opt-out status pending charter verification.

NRS § 92A.135 — Conversion mechanism (DGCL § 266 analog)

Authorizes conversion of a foreign business entity into a Nevada domestic entity by filing articles of conversion. The Nevada analog to DGCL § 266 (Delaware) and TBOC §§ 10.101–108 (Texas). Where used, the firm's redomestication is a true legal-entity conversion rather than a reverse-triangular merger.

PENDING VERIFICATION

Mechanism (§ 92A.135 conversion vs. merger-with-NV-sub) pending primary-source verification.

Primary-source pending. Where badges read “PENDING VERIFICATION,” the firm-specific adoption posture (e.g., charter carve-outs to NRS § 78.138, opt-outs from NRS §§ 78.378–3793 or 78.411–444) has not yet been extracted from the firm’s amended-and-restated articles or proxy materials. The presence of a Nevada incorporation alone does not establish adoption of every provision; opt-outs are charter-level facts.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://www.clearone.com/investor-relations
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000840715&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000840715&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001753926-26-000497 — filing →
Note. PRE 14C Mar 17, 2026 (board Mar 3; consent by Mar 12, 2026); Mar 17 8-K

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

PATCHED_v6-rev69_2026-05-22_severe_date_correction_was_2026-03-17 | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries

Source confidence

VERIFIED_EFFECTIVE

Transaction status

COMPLETED

Audit notes

[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://www.clearone.com/investor-relations
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-28] phase5c: vote source 8-K 0001753926-26-000497 (2026-03-17, Δ=5d) applied from EDGAR pull (status=AUTO_RESOLVED) [ORIGINAL_ACCESSION_FIELD_TEXT] PRE 14C Mar 17, 2026 (board Mar 3; consent by Mar 12, 2026); Mar 17 8-K [2026-04-28] phase5e: no canonical accession found in raw value 'PRE 14C Mar 17, 2026 (board Mar 3; consent by Mar 12, 2026); Mar 17 8-K'; original narrative moved to audit_notes; edgar_accession_canonical cleared and audit_status flagged NEEDS_ACCESSION for manual EDGAR pull [2026-04-28] phase5c: vote source 8-K 0001753926-26-000497 (2026-03-17, Δ=5d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5r: bucket 'C' -> 'B2' (DE->NV effective 2026-03-17 >= SB29 -> bucket B2) [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v5 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: PINCITE-VERIFIED via PRE 14C / DEF 14C — written-consent transaction. March 12, 2026 written consent by holders of ~61% of voting power AND majority of Class A Preferred. Schedule 14C mailed; Rule 14c-2 20-day waiting period. Effective April 22, 2026 4:00 PM ET. DGCL §228 + DGCL §266 conversion to Nevada. Reclassify vote_mechanism if needed.
[2026-05-31 rev103] EDGAR-verified DE->NV reincorporation by WRITTEN CONSENT (no proxy vote, no DEF 14A; PRE 14C/DEF 14C information-statement pathway under Rule 14c-2). Primary source: 8-K Item 3.03 acc 0001753926-26-000720 dated 2026-04-23 (https://www.sec.gov/Archives/edgar/data/0000840715/000175392626000720/clro-20260423.htm). Certificate of conversion effective 4:00pm ET / 1:00pm PT 2026-04-22. DUAL-CLASS STRUCTURE — required both (i) majority of voting power AND (ii) majority of outstanding Class A Preferred. 1,641,162 common (~61% of voting power) + 1,101,385 Class A Preferred (~53%) consented. vote_result corrected 'APPROVED' -> 'APPROVED_BY_WRITTEN_CONSENT' for taxonomy precision; approval_method=WRITTEN_CONSENT. Companion filings: PRE 14C (0001753926-26-000496, March 17), DEF 14C (0001753926-26-000620, April 3), 8-K written consent + board approval (0001753926-26-000497, March 17).