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Clarus Therapeutics (CRXT) Prices 26.68M Unit Offering at $1.10/unit

April 25, 2022 9:21 AM EDT

Clarus Therapeutics Holdings, Inc. (Nasdaq: CRXT) today announced the pricing of its underwritten public offering of (i) units consisting of 26,680,720 shares of its common stock and accompanying Class A warrants to purchase up to 26,680,720 shares of its common stock and (ii) units consisting of pre-funded warrants to purchase up to 590,000 shares of common stock and accompanying Class A warrants to purchase up to 590,000 shares of common stock. Each share of common stock (or pre-funded warrant) is being sold together with one Class A warrant at a combined purchase price of $1.10 per unit (or $1.10 (less) $0.001 (the exercise price of the pre-funded warrants) for units comprising pre-funded warrants and accompanying Class A warrants). Clarus also granted the underwriter an option to purchase up to an additional 4,090,608 shares of common stock and/or Class A warrants to purchase up to 4,090,608 shares of common stock. The Class A warrants will be immediately exercisable at a price of $1.10 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying Class A warrants can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance. The pre-funded warrants and the Class A warrants will not be listed on any exchange. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, and excluding the proceeds from the exercise of any Class A warrants and the exercise of the underwriter’s overallotment option, are expected to be approximately $30.0 million. The offering is expected to close on April 27, 2022, subject to customary closing conditions.

Clarus expects to use the net proceeds from the offering, together with its existing cash, for working capital and other general corporate purposes.

Maxim Group LLC is acting as sole book-running manager for the offering.

Registration statements on Form S-1 relating to the securities have been filed with the U.S. Securities and Exchange Commission (SEC) and become effective. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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