NEW YORK, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the "Company" or "PWP") (NASDAQ:PWP), a leading global independent advisory firm, today announced the pricing of its upsized public offering of 5,000,000 shares of Class A common stock at a public offering price of $12.00 per share (the "Offering"). In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 750,000 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on March 1, 2024, subject to customary closing conditions.
The Company intends to contribute the net proceeds from the Offering to PWP Holdings LP ("PWP OpCo") in exchange for 5,000,000 PWP OpCo Class A partnership units (5,750,000 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 stock in connection with the quarterly exchange for the second quarter of 2024, and (iii) ...