Business
Dave & Buster’s Entertainment Inc. Announces Partial Exercise of Over-Allotment Option
DALLAS, May 18, 2020 (GLOBE NEWSWIRE) -- Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) (the “Company”), an owner and operator of entertainment and dining
About this update from Dave & Buster's Entertainment, Inc.
[{"type":"text","content":"DALLAS, May 18, 2020 (GLOBE NEWSWIRE) -- Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) (the “Company”), an owner and operator of entertainment and dining venues, announced today that, in connection with its previously announced sale of 9,578,545 shares of its common stock (the “Offering”) to Jefferies LLC (“Jefferies”) pursuant to an underwriting agreement entered into between the Company and Jefferies on May 4, 2020 (the “Underwriting Agreement”), Jefferies has exercised its over-allotment option granted pursuant to the Underwriting Agreement in part to purchase an additional 1,014,871 shares at a price of $10.44 per share. The issuance of the additional shares is expected to occur on May 20, 2020 at which time the Company will have received gross proceeds of approximately $110.6 million for the Offering to date, including approximately $10.6 million from the over-allotment exercise, prior to deducting offering expenses payable by the Company.\n The Company currently intends to use the net proceeds from this Offering primarily to strengthen its balance sheet, principally as necessitated by the effects of the COVID-19 outbreak on its business, which could include use for general corporate purposes and/or repayment of outstanding debt. The Offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-237664), filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 14, 2020. The preliminary prospectus supplement, the final prospectus supplement and the accompanying prospectus relating to this offering have been filed with the SEC and are available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying prospectus relating to this Offering may also be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-547-6340 or by email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares nor shall there be any offer, solicitation or sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securitie...