Clarus Therapeutics Holdings, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on September 5, 2022. To qualify as a qualified bidder, interested parties should submit their bids by October 10, 2022, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be greater than or equal to the sum of the value offered under the Stalking Horse Agreement, plus the amount of the bid protections and the $0.25 million.

The debtor has scheduled an auction on October 12, 2022. At the auction, the subsequent bids would be in increments of baseline bid plus $0.25 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the qualified bid and expense reimbursement in the amount not to exceed $0.40 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for October 18, 2022. The deadline to consummate sale is October 27, 2022.