Item 7.01 Regulation FD Disclosure.
As previously disclosed, on September 5, 2022, Clarus Therapeutics
Holdings, Inc., or Clarus, and its wholly-owned subsidiary Clarus Therapeutics, Inc., or OpCo, filed voluntary petitions for bankruptcy
protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filing was made in the United States Bankruptcy Court
for the District of Delaware, or the Court (Case No. 22-10845).
On November 21, 2022, Clarus and OpCo each filed their monthly operating
reports, or the Monthly Operating Reports, with the Court for the reporting month ended October 31, 2022, copies of which are attached
hereto as Exhibit 99.1 and Exhibit 99.2 respectively.
Cautionary Note Regarding the Monthly Operating Reports
Clarus cautions investors and potential investors not to place undue
reliance upon the information contained in the Monthly Operating Reports, which were not prepared for the purpose of providing the basis
for an investment decision relating to any Clarus securities. The Monthly Operating Reports are limited in scope and have been prepared
solely for the purpose of complying with requirements of the Court. The Monthly Operating Reports were not reviewed by independent accountants,
are in a format prescribed by applicable bankruptcy laws, and are subject to future adjustment. The financial information in the Monthly
Operating Reports are not prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and, therefore,
may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosures. The Monthly
Operating Reports also relate to periods that are different from the historical periods required in Clarus’ reports pursuant to
the Securities Exchange Act of 1934, as amended, or the Exchange Act.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the information
in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing
of this current report (including Exhibit 99.1 and Exhibit 99.2 attached hereto) will not be deemed an admission as to the materiality
of any information required to be disclosed solely by Regulation FD.
Cautionary Statements Regarding Trading in Clarus’ Securities
Clarus’ securityholders are cautioned that trading in Clarus’
securities during the pendency of the Chapter 11 case is highly speculative and poses substantial risks. Trading prices for Clarus’
securities may bear little or no relationship to the actual recovery, if any, by holders thereof in Clarus’ Chapter 11 case. Accordingly,
Clarus urges extreme caution with respect to existing and future investments in its securities.
Cautionary Note Regarding Forward-Looking Statements
This current report on Form 8-K, Exhibit 99.1 and Exhibit 99.2 contain
“forward-looking statements” for purposes of the federal securities laws. The words “anticipate,” “believe,”
“contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “will,” “would” and similar expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not forward-looking. Clarus’ forward-looking statements in this current
report on Form 8-K include, but are not limited to, express or implied statements about Clarus’ belief that the asset sale process
pursuant to Chapter 11 of the U.S. Bankruptcy Code will be in the best interest of Clarus and its stakeholders, among others. These forward-looking
statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance
that future developments affecting Clarus will be those anticipated. These forward-looking statements involve a number of risks, uncertainties
(some of which are beyond Clarus’ control) or other assumptions that may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to risks
associated with the potential adverse impact of the Chapter 11 filings on Clarus’ liquidity and results of operations; changes in
Clarus’ ability to meet its financial obligations during the Chapter 11 process and to maintain contracts that are critical to its
current operations; the outcome and timing of the Chapter 11 process; the effect of the Chapter 11 filings on Clarus’ relationships
with vendors, regulatory authorities, employees and other third parties; possible proceedings that may be brought by third parties in
connection with the Chapter 11 process; and the timing or amount of any distributions, if any, to Clarus’ stakeholders, as well
as risks associated with pharmaceutical development and being a pharmaceutical company generally, along with those factors described under
the heading “Risk Factors” in Clarus’ annual report on 10-K for the year ended December 31, 2021, filed with the Securities
and Exchange Commission, or the SEC, on March 31, 2022, and those that are included in any of Clarus’ future filings with the SEC.
Some of these risks and uncertainties may in the future be amplified by the ongoing COVID-19 pandemic and there may be additional risks
that Clarus considers immaterial, or which are unknown. It is not possible to predict or identify all such risks. Clarus’ forward-looking
statements only speak as of the date they are made, and Clarus does not undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.