PTLO - Portillo's dips after launch of stock offering
2023-03-08 06:46:27 ET
- Portillo's ( NASDAQ: PTLO ) shares fell 5% premarket on Wednesday after the fast-casual restaurant company launched an underwritten public offering of 8M shares of its Class A common stock.
- The underwriter has been granted a 30-day option to purchase up to an additional 1.2M shares.
- Net proceeds will be used to purchase limited liability company units of PHD Group Holdings held by certain existing holders (and cancel the associated shares of the company's Class B common stock) and repurchase shares of Class A common stock from certain existing holders, each in a "synthetic secondary" transaction.
- As a result, Portillo's ( PTLO ) will not receive any proceeds from this offering.
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Portillo's dips after launch of stock offering