Blue Water Acquisition Inc. (NASDAQ: BLUW) stock gained by 7.84% at last close whereas the BLUW stock-price plunge by 0.83% in the pre-market trading session. Blue Water Acquisition is a Delaware corporation founded for the purpose of influencing a merger, stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more enterprises.
BLUW stock’ Significant Development
The previously disclosed business combination between Clarus Therapeutics and Blue Water Acquisition Corp. has been completed. On September 10, 2021, the merged business will be titled Clarus Therapeutics Holdings, and its shares of common stock will trade under the symbol “CRXT” and its warrants will trade under the symbol “CRXTW” on the Nasdaq Global Market. Clarus Holdings’ ordinary stock has a CUSIP number of 18271L 107, while the warrants have a CUSIP number of 18271L 115.
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Clarus Holdings received roughly $25.3 million in gross proceeds from this merger. At a special meeting on August 27, 2021, Blue Water stockholders accepted the business combination. The corporate combination was also authorized by Clarus stockholders. The Clarus management team, led by Dr. Robert Dudley, Founder, President, and Chief Executive Officer, will continue to run the combined firm.
President and Chief Executive Officer Dr. Robert Dudley stated that,
Clarus’ mission is to develop and commercialize androgen and metabolic medicines for men and women with unmet medical needs. Grateful to the investors, workers, board of directors, and advisers for believing in their mission and helping us close this deal. They plan to leverage their additional resources to extend JATENZO’s commercialization and develop a cutting-edge pipeline of product candidates.
Joseph Hernandez, Chairman, and CEO of BLUW stock, commented that,
They are pleased to announce the completion of their commercial partnership with Clarus. Clarus is well-positioned for success because of its highly experienced management team and its emphasis on sustained development and success. They are excited to see Clarus’ ideas come to fruition and believe they have the potential.