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Blue Water Acquisition Corp. (Nasdaq: BLUW) announced that its stockholders approved the Business Combination with Clarus Therapeutics, Inc. on August 27, 2021. Approximately 73.95% of shares were voted, with 69.57% in favor of the merger. Following the transaction, Blue Water will rebrand as Clarus Therapeutics Holdings, Inc., with new ticker symbols CRXT and CRXTW. Approximately $25.29 million will remain in the trust account post-redemptions. A detailed voting report will be filed with the SEC.
Blue Water Acquisition Corp. (BLUW) announced the postponement of its Special Meeting of Stockholders from August 12 to August 27, 2021. The meeting will take place at 10:00 a.m. ET via a live audio webcast. The deadline for stockholders to exercise redemption rights has been extended to August 25, 2021, at 5:00 p.m. ET. This meeting is related to the proposed business combination with Clarus Therapeutics, as outlined in the merger agreement dated April 27, 2021. Stockholders are urged to review the definitive proxy statement and other relevant documents available through the SEC.
Blue Water Acquisition Corp. (NASDAQ: BLUW) announced a special meeting on August 12, 2021, for stockholders to vote on a merger with Clarus Therapeutics, Inc.. This merger, if approved, will create a publicly listed company on the Nasdaq Capital Market under the symbol CRXT. Stockholders are urged to vote promptly, with details provided through a proxy statement sent to holders as of the July 16, 2021 record date. The press release emphasizes the operational transition and future expectations of the combined entity.
Clarus Therapeutics and HavaH Therapeutics announced a licensing agreement for CLAR-121, which targets androgen-dependent inflammatory breast disease and specific breast cancers. This agreement grants Clarus exclusive worldwide rights for development and commercialization outside Australia. CLAR-121 combines testosterone and anastrozole, potentially qualifying for orphan drug designation. Clarus anticipates a U.S. market size exceeding $400 million for periductal mastitis, the initial focus of CLAR-121. An upfront payment of $500,000 is included, with further financial incentives based on development milestones.
Clarus Therapeutics and Blue Water Acquisition Corp. (NASDAQ: BLUW) announced a definitive merger agreement valuing Clarus at $379 million. Clarus, known for its oral testosterone replacement therapy JATENZO, aims to enhance market presence and R&D efforts post-merger. Current investors will contribute an additional $25 million to support the transaction. The merger is subject to stockholder approval and set to close in Q3 2021, potentially expanding Clarus's capabilities in androgen and metabolic therapies.
Blue Water Acquisition Corp. (NASDAQ: BLUWU) announced a compliance issue with Nasdaq, receiving a notice for failing to timely file its Annual Report on Form 10-K for the year ending December 31, 2020. The notice has no immediate impact on trading. The company is reviewing its financial statements due to recent SEC guidance on SPAC warrant accounting. Blue Water has 60 days to submit a compliance plan, potentially extending the deadline for filing the Form 10-K to October 12, 2021.
Blue Water Acquisition Corp. announced that starting February 9, 2021, holders of the units from its initial public offering can separately trade shares of its Class A common stock and warrants. Shares will trade under the symbols BLUW and BLUWW on the Nasdaq, while unseparated units will continue under BLUWU. The offering was underwritten by Maxim Group LLC, and the public offering was made through a prospectus. Blue Water Acquisition Corp. aims to pursue business combinations, particularly in the healthcare sector.
