Clarus Therapeutics Holdings, Inc. announced that As a result of the closing the asset sale to Tolmar pursuant to the asset purchase agreement, on October 28, 2022, John Amory, Elizabeth Cermak, Kimberly Murphy, Mark Prygocki and Alex Zisson notified Clarus of their intent to resign as members of Clarus' board of directors effective October 31, 2022. Their resignations are not due to any disagreements with Clarus on any matters relating to its operations, policies and practices. Robert Dudley will remain as the sole member of the Clarus board of directors.

Additionally, on October 28, 2022, the Clarus board determined to terminate the employment of Robert Dudley, Clarus' Chief Executive Officer, effective October 31, 2022, and of Steven Bourne, Clarus' Chief Administrative Officer and Chief Financial Officer and Frank A. Jaeger, Clarus' Chief Commercial Officer, each effective November 14, 2022 (e.g., 10 business days after October 31, 2022). Lawrence R. Perkins of Sierra Constellation Partners LLC will continue to act as Chief Restructuring Officer of Clarus.