The Board of Directors for Clarus Corp. approved the respective requests of two of its largest shareholders, Brown Advisory Inc. and Greenhouse Funds LLP, to increase each of their respective beneficial ownership in Clarus to up to an aggregate of 12.5 percent of the company’s outstanding shares of common stock.
Brown has beneficial ownership of 3,179,132 shares of the company’s common stock, representing approximately 8.5 percent of its outstanding shares. Greenhouse has beneficial ownership of 2,772,000 shares of the company’s common stock, representing approximately 7.4 percent of the company’s outstanding shares of common stock.
The company’s determination to authorize Brown’s and Greenhouse’s requests to raise their respective stakes is conditioned upon, and subject to, Brown and Greenhouse not increasing each of their respective beneficial ownership to more than 12.5 percent of the company’s outstanding shares of common stock.
“We welcome the potential added ownership by two of our long-term shareholders,” said Warren Kanders, executive chairman, Clarus Corp. “Clarus continues to make progress executing its ‘super-fan’ brand strategy and remains focused on seeking to increase long-term shareholder value.”
Brown’s and Greenhouse’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.
Clarus is the parent of Black Diamond, Rhino-Rack, Maxtrax, Sierra, and Barnes.
