Why ClearOne Stock Is Soaring

ClearOne Inc CLRO shares are trading higher Tuesday after the company announced a special one-time cash dividend of $1 per share of common stock.

The Details: The $1 dividend will be paid on May 31 to shareholders of record as of May 22. The company said it will evaluate the possibility of future dividend distributions from time-to-time based on factors deemed relevant by the board.

"The recent successful legal settlements have generated surplus cash for the Company. We are pleased to share this surplus with our shareholders, who continue to support the Company's strategy and vision for future growth," said Eric Robinson, chairman of ClearOne's board.

"We believe the company is now solidly positioned to pursue its long-term plans and return to rapid revenue growth and profitability."

ClearOne is focused on enabling conferencing, collaboration and network streaming solutions.

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CLRO Price Action: ClearOne shares hit new 52-week highs on the announcement.

The stock was up 52.6% at $1.90 at the time of writing, according to Benzinga Pro.

Photo: courtesy of ClearOne.