The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale substantially all the assets of Clarus Therapeutics Holdings, Inc. on September 22, 2022. The debtor shall designate a stalking horse bidder on or before September 30, 2022. The debtor's assets include substantially all assets.

To qualify as a qualified bidder, interested parties should submit their bids by October 10, 2022. The initial minimum overbid should 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. If the debtor receives any qualified bids, then it would hold an auction for its assets on October 13, 2022.

At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the total cash consideration offered for any stalking horse 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 26, 2022.

Sale closing shall occur on October 27, 2022.