Clarus Therapeutics announces closing of upsized $30 million underwritten public offering

NORTHBROOK - Clarus Therapeutics Holdings, Inc. (Nasdaq: CRXT), a pharmaceutical company dedicated to providing solutions to unmet medical needs by advancing androgen and metabolic therapies for men and women, Thursday announced the closing of its previously announced 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) was 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). The Class A warrants are 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 could only be purchased together in the offering, but were issued separately and were immediately separable upon issuance.

The pre-funded warrants and the Class A warrants are not 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, were approximately $30.0 million. In addition, Clarus has granted the underwriters a 45-day 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 to cover over-allotments at the offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 4,090,608 Class A warrants.

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 acted as sole book-running manager for the offering.