NEW YORK, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the "Company" or "PWP") (NASDAQ:PWP), a leading global independent advisory firm, today announced that it has commenced a public offering of 4,500,000 shares of Class A common stock (the "Offering"). In addition, the Company expects to grant the underwriter a 30-day option to purchase an additional 675,000 shares of its Class A common stock in the Offering. The proposed Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.
The Company intends to contribute the net proceeds from the Offering to PWP Holdings LP ("PWP OpCo") in exchange for 4,500,000 PWP OpCo Class A partnership units (5,175,000 PWP OpCo Class A partnership units if the underwriter exercises its option in full). PWP OpCo intends to use the net proceeds received from the Company, together, to the extent necessary, with any cash on hand, for (i) the conversion of certain Partnership Class A-3 Common Units ("ACUs") at PWP OpCo held by limited partners into cash in an amount expected to cover the estimated tax liabilities (as determined in the Company's discretion and subject to available cash for this purpose) associated with the vesting of such limited partners' ACUs instead of such ACUs vesting into PWP OpCo Class A partnership units, subject to the required board of directors, audit committee and other approvals, (ii) the purchase from certain holders of (A) outstanding PWP OpCo Class A partnership units and (B) outstanding shares of the Company's Class B common ...