Clarus Board of Directors Approves Thrivent Asset Management, a Top Shareholder, to Increase Its Position to up to 9.9% of Shares Outstanding
05 October 2022 - 12:00AM
The board of directors for Clarus Corporation (NASDAQ: CLAR)
(“Clarus” and/or the “Company”), a global company focused on the
outdoor and consumer enthusiast markets, has approved Thrivent
Asset Management, LLC (“Thrivent”) to be permitted under the
Company’s Rights Agreement, dated as of February 12, 2008, to
increase its beneficial ownership in Clarus to up to an aggregate
of 9.9% of the Company’s outstanding shares of common stock.
Thrivent has beneficial ownership of 1,533,554 shares of the
Company’s common stock, as publicly disclosed by Thrivent in the
Schedule 13F for the quarter ended June 30, 2022, filed by it with
the Securities and Exchange Commission on August 16, 2022, which
represents approximately 4.1% of the Company’s outstanding shares
of common stock.
The Company’s determination to authorize Thrivent’s request to
raise their stake is conditioned upon, and subject to, Thrivent not
increasing its beneficial ownership to more than 9.9% of the
Company’s outstanding shares of common stock, Thrivent remaining
continuously eligible to report its ownership of the Company’s
common stock on Schedule 13G, and Thrivent increasing its position
to in excess of 4.9%, at its discretion, within the next twelve
months. In the event that Thrivent subsequently reduces its
beneficial ownership to below 4.9%, Thrivent would need to obtain a
new approval from the Company’s board of directors before seeking
to again increase its beneficial ownership to in excess of 4.9% of
the Company’s outstanding shares of common stock.
"We welcome this potential added ownership by a high-quality
investor like Thrivent as we believe it signals their confidence in
our long-term strategy,” said Warren Kanders, executive chairman of
Clarus. “We remain focused on driving our ‘Super Fan’ brand
strategy for the benefit of all of our shareholders.”
Thrivent’s increased investment is not expected to impact the
Company’s ability to utilize the remainder of its outstanding Net
Operating Loss (“NOL”) carryforwards for U.S. federal income tax
purposes, which stand at approximately $60.7 million. The Company
expects to fully utilize approximately $39.5 million of the NOL
carryforwards that expire on December 31, 2022.
About Clarus CorporationHeadquartered 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 and
consumer enthusiast markets. Our mission is to identify, acquire
and grow outdoor “super fan” brands through our unique “innovate
and accelerate” strategy. We define a “super fan” brand as a brand
that creates the world’s pre-eminent, performance-defining product
that the best-in-class user cannot live without. 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®, Sierra®,
and Barnes® 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.maxtrax.com.au, www.sierrabullets.com, www.barnesbullets.com,
www.pieps.com, or www.goclimbon.com.
Forward‐Looking StatementsPlease 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. Potential risks and uncertainties
that could cause the actual results of operations or financial
condition of the Company to differ materially from those expressed
or implied by forward-looking statements in this release, include,
but are 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 Contacts:John C.
Walbrecht PresidentTel
1‐801‐993‐1344john.walbrecht@claruscorp.com
Michael J. YatesChief Financial OfficerTel
1‐801-993‐1304mike.yates@claruscorp.com
Investor Relations
Contact:Gateway Group, Inc. Cody SlachTel
1‐949‐574‐3860CLAR@gatewayir.com
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