Blue Water Acquisition said its stockholders voted in favor of the proposed business combination with Clarus Therapeutics.
Approximately 73.95% of Blue Water’s outstanding shares were voted at the meeting, with 69.57% of the votes cast in support of the deal.
Blue Water in a press release said 3,270,531 shares were redeemed, leaving approximately $25.29 million in the SPAC’s trust account. Blue Water raised $57.5 million in a December IPO.
Clarus stakeholders were expected to invest an additional $25 million in the company at the time the merger was announced in April.
Upon closing, Clarus Therapeutics stock and warrants are expected to trade on the Nasdaq under CRXT and CRXTW. Read more.