Here's Why Clarus Therapeutics Shares Got Obliterated

Clarus Therapeutics Holdings Inc CRXT shares traded lower by 32.24% to $0.14 during Monday's trading session after the company announced it has received a non-compliance letter from Nasdaq. The shares will be suspended on August 31st and will begin trading on the OTC Pink Market.

What Else?

Clarus Therapeutics says, as previously disclosed on February 18th, 2022, the company received two written notifications from the Listing Qualifications Department of Nasdaq.

Clarus Therapeutics says the first notification indicated that as of February 18th, Clarus did not meet the $15,000,000 minimum market value of publicly held shares required to maintain continued listing as set forth in Nasdaq Marketplace Rule 5450(b)(2)(C) for the 33-business day period ended February 17th.

The second notification indicated that as of February 18th, Clarus did not meet the $50,000,000 minimum market value of listed securities required to maintain continued listing as set forth in Nasdaq Marketplace Rule 5450(b)(2)(A) for the 30-business day period ended February 17th.

Clarus was given 180 days from the date of notification, or until August 17th, to regain compliance with the rules.

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According to data from Benzinga Pro, Clarus Therapeutics has a 52-week high of $31.24 and a 52-week low of $0.13.