ZYXI - Ryerson says selling stockholders to offer 2.6M shares

2023-05-03 18:00:51 ET

• Ryerson ( NYSE: RYI ) on Wednesday said its principal shareholder, an affiliate of Platinum Equity, has commenced a secondary offering of 2,630,700 shares of its common stock.
• The selling stockholder will receive all of the net proceeds from the offering.
• The company is not offering any shares of its common stock in the offering and will not receive any of the proceeds.
• In addition, the company has entered into a share repurchase agreement with the selling stockholder to separately repurchase 1,369,300 shares.
• Ryerson expects to fund the share repurchase with cash on hand.
• The share repurchase is expected to be consummated concurrently with the closing of the offering.
• The share repurchase will be conditioned upon the closing of the offering, but the closing of the offering will not be conditioned upon the closing of the repurchase.
• J.P. Morgan is acting as the sole underwriter for the offering.
• Press Release .

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