Clarus Says Not Aware Of Any New Material Developments On Recent Stock Volatility

(RTTNews) - Clarus Corp. (CLAR) said it is not aware of any new material developments or pending announcements concerning its business operations that may be contributing to the recent volatile market activity in the trading of its common stock as well as related derivatives.

In Thursday regular trade, CLAR was trading at $16.00 up $0.83 or 5.47%.

According to Clarus, Parallax Volatility Advisers, L.P. and its affiliates recently filed a Schedule 13G with the Securities and Exchange Commission disclosing that it has acquired beneficial ownership in excess of 5% of Clarus' outstanding common stock.

Clarus has communicated to Parallax that because such acquisition was without the approval of Clarus' board of directors, it is a violation of its rights agreement dated February 7, 2008. The rights agreement is intended to preserve the Company's valuable net operating losses by limiting the number of 5% or more beneficial owners and therefore reducing the risk of a possible change of ownership.

The company's board reserves the right to pursue any and all remedies available against Parallax, including, without limitation, taking action to trigger the remedies under the rights agreement which would result in material dilution in the economic value of Parallax's ownership in Clarus' common stock.

On August 19, 2022, Clarus's board approved two of its top stockholders to increase their respective ownership to up to 12.5% of the company's outstanding shares of common stock.