Clarus Corporation’s Board of Directors approved Thrivent Asset Management, LLC’s move to increase its beneficial ownership in Clarus up to an aggregate of 9.9 percent of the company’s outstanding common stock.
The Board’s approval was required under Clarus Corporation’s Rights Agreement, dated February 12, 2008.
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 SEC on August 16, 2022, which represents approximately 4.1 percent of Clarus’ outstanding shares of common stock.
The company’s determination to authorize Thrivent’s request to raise its stake is conditional upon and subject to:
- Thrivent not increasing its beneficial ownership to more than 9.9 percent 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 percent, at its discretion, within the next twelve months.
If Thrivent subsequently reduces its beneficial ownership to below 4.9 percent, Thrivent would need to obtain a new approval from the company’s Board before again increasing its beneficial ownership in excess of 4.9 percent of its 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, 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 Clarus Corporation’s ability to use the remainder of its outstanding Net Operating Loss (NOL) carryforwards for U.S. federal income tax purposes, which stand at approximately $60.7 million.
Clarus Corporation expects to fully use approximately $39.5 million of the NOL carryforwards that expire on December 31, 2022.
Clarus’ brands include Black Diamond, Rhino-Rack, Maxtrax, Sierra, and Barnes.