PTLO - Portillo's prices public follow-on offering of 8M shares at $23.75
- Portillo’s ( NASDAQ: PTLO ) has priced an underwritten public offering of 8M shares of its Class A common stock at a price to the public of $23.75/share.
- Underwriters are granted a 30-day option to purchase up to an additional 1.2M shares of its Class A common stock at the public offering price.
- Offering is expected to close on August 16, 2022.
- Net proceeds from the proposed offering will be used to (a) purchase LLC Units of PHD Group Holdings LLC held by existing holders, and (b) purchase shares of Class A common stock from certain existing holders, each in a “synthetic secondary” transaction.
- Portillo’s will not receive any proceeds from this offering.
- Pursuant to the closure, the total number of shares of Class A common stock and Class B common stock will remain the same; however, the amount of shares of Class A common stock will increase by the same amount of the decrease in the number of shares of Class B common stock.
- Shares are down 2.28% after-hours .
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Portillo’s prices public follow-on offering of 8M shares at $23.75