Regex + ItemUtil + StringUtil

RegexItemUtilStringUtil.cs

static void Main(string[] args)
{
    var wildItemName = "<strong class=\"color-me-red\">Name of a Product<sup>™</sup>       Version 1!!!!!</strong>";
            
    Console.WriteLine(ToValidItemName(wildItemName));
    Console.WriteLine(ToValidItemName(wildItemName, true, true));
    Console.ReadKey();
}

public static string ToValidItemName(string str, bool toLower = false, bool replaceSpacesWithDashes = false)
{
    // Remove HTML Tags
    str = StringUtil.RemoveTags(str);

    // Get Valid Name
    str = ItemUtil.ProposeValidItemName(str);

    // Remove multiple spaces
    var regex = new Regex(@"[' ']{2,}", RegexOptions.None);
    str = regex.Replace(str, " ");

    if (replaceSpacesWithDashes)
        str = str.Replace(" ", "-");

    return toLower ? str.ToLowerInvariant() : str;
}
        
// Result 1: Name of a Product Version 1
// Result 2: name-of-a-product-version-1