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Business combination with Blue Water Acquisition Corp., a special purpose acquisition company, completed on September 9, 2021
Combined company to be renamed Clarus Therapeutics Holdings, Inc.
Clarus Therapeutics Holdings, Inc.'s common stock and warrants will commence trading on the Nasdaq Global Market on September 10, 2021, under the ticker symbols "CRXT" and "CRXTW," respectively
Gross proceeds totaled approximately $25.3 million
NORTHBROOK, Ill. and GREENWICH, Conn., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Clarus Therapeutics, Inc., a specialty pharmaceutical company dedicated to providing solutions to unmet medical needs by advancing androgen and metabolic therapies for men and women ("Clarus"), and Blue Water Acquisition Corp. (NASDAQ:BLUW), a publicly traded special purpose acquisition company ("Blue Water"), today announced the completion of their previously announced business combination.
The resulting combined company will be renamed Clarus Therapeutics Holdings, Inc. ("Clarus Holdings," "we," "our" or "us") and will commence trading its shares of common stock under the symbol "CRXT" and its warrants under the symbol "CRXTW" on the Nasdaq Global Market on September 10, 2021. The CUSIP number for Clarus Holdings' common stock is 18271L 107 and 18271L 115 for the warrants.
Gross proceeds to Clarus Holdings from this business combination totaled approximately $25.3 million. The stockholders of Blue Water approved the business combination at a special meeting held on August 27, 2021. Clarus stockholders also approved the business combination. Clarus' management team, led by Founder, President, and Chief Executive Officer Dr. Robert Dudley, will continue to provide executive leadership for the combined company.
"At Clarus, our goal is to develop and commercialize androgen and metabolic therapies for unmet medical conditions in men and women," said President and Chief Executive Officer Dr. Robert Dudley. "My sincere thanks to our investors, employees, board of directors, and advisors for supporting our vision and making this transaction a success. We intend to use our new resources to expand the commercialization of JATENZO® and build an innovative pipeline of product candidates."
"We are proud to complete this business combination with Clarus," said Joseph Hernandez, Chairman and Chief Executive Officer of Blue Water. "The company's highly experienced management team with its focus on continued growth and expansion positions Clarus well for success. We look forward to the fruition of Clarus' programs and are confident in their potential to deliver value to patients and investors."
About This Business Combination
On April 27, 2021, Clarus, a privately held specialty pharmaceutical company, entered into a definitive business combination agreement with Blue Water, a special purpose acquisition company (SPAC) formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
As a result of the business combination, Clarus Holdings received gross proceeds of approximately $25.3 million.
Posted In: BLUW
