- Ecovyst ( NYSE: ECVT ) said Thursday that funds affiliated with CCMP Capital Advisors intend to offer for sale their remaining interest in the company through a secondary offering.
- The selling stockholders intend to offer 11,490,444 shares of the company’s common stock.
- The selling stockholders will receive all of the net proceeds from the offering.
- No shares are being sold by the company.
- Subject to the completion of the offering, ECVT intends to repurchase from the underwriter 3 million shares of common stock.
- The company intends to fund the share repurchase with cash on hand and cash from operations.
- The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering.
- The offering is subject to market and other conditions, and there can be no assurance as to whether or when it may be completed.
- Jefferies is serving as the underwriter for the offering.
- Press Release .
For further details see:
Ecovyst announces secondary offering by selling stockholders