LSEA - Landsea Homes Announces Closing of Secondary Common Stock Offering | Benzinga
DALLAS, March 08, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (NASDAQ:LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today the closing of its previously announced underwritten secondary offering by its largest stockholder, Landsea Holdings Corporation (the "Selling Stockholder"), of 2,434,783 shares of the Company's common stock, at a price of $11.60 per share (before underwriting discounts and commissions), and the full exercise by the underwriters of their option to purchase an additional 365,217 shares the Company's common stock (the "Offering"). B. Riley Securities and BofA Securities acted as joint bookrunning managers in the Offering. BTIG and Wedbush Securities acted as co-managers in the Offering.
The Company did not offer any shares of its common stock in the Offering and did not receive any of the proceeds from the sale of the shares offered by the Selling Stockholder.
As a result of the Offering, the Selling Stockholder no longer beneficially owns a majority of the Company's outstanding shares of common stock, and the Company no longer qualifies as a "controlled company" under the Nasdaq listing standards. The Company is currently in compliance with and intends to comply with the transition period requirements applicable following the loss of such status under the Nasdaq listing standards.
"The closing of the Offering marks a significant milestone for our company," said Landsea Homes Chief Executive Officer John Ho. "While Landsea Homes has always operated as an independent entity, it is an important step to no longer be considered a ‘controlled company' under the Nasdaq listing standards. We also believe that reducing our investor concentration and cultivating a more diverse investor base are in the best interest of ...