GTES - Gates Industrial says selling stockholders are offering 15M shares

2023-08-08 16:25:06 ET

• Gates Industrial Corporation ( NYSE: GTES ) has launched a secondary offering of 15 million shares, the company said Tuesday.

• Certain selling stockholders affiliated with Blackstone Inc. are offering the shares of the company.

• The selling stockholders intend to grant to the underwriters a 30-day option to purchase up to 2.25 million additional shares.

• Gates is not offering any shares and will not receive any proceeds from the offering.

• Citigroup and Goldman Sachs & Co. LLC are serving as the joint lead book-running managers and representatives of the underwriters for the offering.

• Press Release .

• Shares -5.9% at $12 after hours.

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