Clarus Board of Directors Approves Two of Its Top Shareholders to Increase Their Positions up to 15.0% and 26.7% of Shares Outstanding

Rhea-AI Summary

Clarus Corporation (NASDAQ: CLAR) grants Greenhouse Funds LLLP and Clarus Executive Chairman Warren Kanders permission to increase their stakes in the company up to 15.0% and 26.7% of outstanding shares, respectively. Greenhouse and Kanders currently hold 11.9% and 16.7% of Clarus's common stock, respectively, subject to specific conditions set by the board of directors.

SALT LAKE CITY, March 08, 2024 (GLOBE NEWSWIRE) -- The board of directors for Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, has approved the respective requests of two of its largest shareholders, Greenhouse Funds LLLP (“Greenhouse”) and Clarus Executive Chairman Warren Kanders and its affiliates (collectively, “Kanders”), to be permitted under the Company’s Rights Agreement dated as of February 12, 2008, to increase their beneficial ownership. Greenhouse and Kanders have been permitted to increase their positions to up to 15.0% and 26.7% of the Company’s outstanding shares of common stock, respectively.

Greenhouse has beneficial ownership of 4,538,107 shares of the Company’s common stock, as publicly disclosed by Greenhouse in the Schedule 13G as of December 31, 2023, filed by it with the Securities and Exchange Commission on February 14, 2024, which represents approximately 11.9% of the Company’s outstanding shares of common stock. Kanders has beneficial ownership of 6,525,421 shares of the Company’s common stock, as publicly disclosed by Kanders in the Schedule 13D/A filed with the Securities and Exchange Commission on January 30, 2024, which represents approximately 16.7% of the Company’s outstanding shares of common stock.

The Company’s determination to authorize Greenhouse’s and Kanders’ requests to raise their respective stakes is conditioned upon, and subject to, among other things, Greenhouse and Kanders not increasing each of their respective beneficial ownership to more than 15.0% and 26.7%, respectively, of the Company’s outstanding shares of common stock, and Greenhouse and Kanders increasing their respective positions to up to 15.0% and 26.7%, respectively, within the next twelve months. In the event that Greenhouse or Kanders subsequently reduces their respective beneficial ownership to below 9.9%, they would need to obtain a new approval from the Company’s board of directors before seeking to again increase their respective beneficial ownership to in excess of 9.9% of the Company’s outstanding shares of common stock.

About Clarus Corporation

Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor enthusiast markets. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers. Our portfolio of iconic brands is well-positioned for sustainable, long-term growth underpinned by powerful industry trends across the outdoor and adventure sport end markets. For additional information, please visit www.claruscorp.com or the brand websites at www.blackdiamondequipment.com, www.rhinorack.com, www.maxtraxus.com / www.maxtrax.com.au, www.tredoutdoors.com, or www.pieps.com.

Forward-Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Any number of factors could cause actual results to differ materially from projections or forward-looking statements in this press release, including, but not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

Company Contact:
Michael J. Yates
Chief Financial Officer
Tel 1‐801-993‐1304
mike.yates@claruscorp.com

Investor Relations Contact:
The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
lberman@igbir.com / mberkowitz@igbir.com

FAQ

What is the ticker symbol for Clarus Corporation?

The ticker symbol for Clarus Corporation is CLAR.

How much of Clarus Corporation's outstanding shares can Greenhouse Funds LLLP own?

Greenhouse Funds LLLP can own up to 15.0% of Clarus Corporation's outstanding shares.

How much of Clarus Corporation's outstanding shares can Warren Kanders own?

Warren Kanders can own up to 26.7% of Clarus Corporation's outstanding shares.

What percentage of Clarus Corporation's common stock does Greenhouse Funds LLLP currently hold?

Greenhouse Funds LLLP currently holds approximately 11.9% of Clarus Corporation's outstanding shares of common stock.

What percentage of Clarus Corporation's common stock does Warren Kanders currently hold?

Warren Kanders currently holds approximately 16.7% of Clarus Corporation's outstanding shares of common stock.

What conditions are set for Greenhouse Funds LLLP and Warren Kanders to increase their stakes in Clarus Corporation?

Greenhouse and Kanders must not exceed 15.0% and 26.7% ownership, respectively, and must increase their positions within the next twelve months. If they reduce ownership below 9.9%, they need new approval to increase it again.