SALT LAKE CITY, Sept. 25, 2020 (GLOBE NEWSWIRE) — Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, announced today that it has entered into an agreement with three of its top 10 investors (the “Investors”) for the sale of 900,000 registered shares of the Company’s common stock at $12.75 for total proceeds of approximately $11.5 million.
The Investors—Brown Advisory, Greenhouse Funds and TT Investimentos— have each determined to increase their investment in recognition of management’s past execution and in support of the Company’s long‐term growth strategy. The net proceeds from this sale will be used for working capital and general corporate purposes.
“As we evaluate new market opportunities to facilitate our long‐term growth strategy, we believe that our strong balance sheet gives us greater optionality within our capital structure,” said John Walbrecht, president of Clarus. “This strategic financing from three of our top 10 shareholders is expected to enhance our liquidity and strengthen our market position. Even before this transaction, we anticipate generating strong free cash flows and we remain on track to be nearly debt‐free at year end. We are grateful to our shareholders for their continued support as we continue to seek to preserve our brands’ equity and execute on our innovate and accelerate playbook across our portfolio.”