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Open Lending Corporation Announces Pricing of Upsized Secondary Offering
AUSTIN, Texas, April 01, 2021 (GLOBE NEWSWIRE) -- Open Lending Corporation, (“Open Lending”) (Nasdaq: LPRO), a leading provider of lending enablement and risk
About this update from Open Lending Corporation
[{"type":"text","content":"AUSTIN, Texas, April 01, 2021 (GLOBE NEWSWIRE) -- Open Lending Corporation, (“Open Lending”) (Nasdaq: LPRO), a leading provider of lending enablement and risk analytics solutions to financial institutions, announced today the pricing of a secondary public offering of 9,000,000 shares of its common stock at a public offering price of $34.00 per share. The offering was upsized from the previously announced offering size of 7,500,000 shares. All shares are being sold by existing stockholders, including Nebula Holdings, LLC., a True Wind Capital, L.P. managed entity, Bregal Sagemount and certain executive officers of Open Lending. The selling stockholders have also granted the underwriters a 30-day option to purchase up to 1,350,000 additional shares of common stock. Open Lending is not selling any shares and will not receive any of the proceeds of the offering. The offering is expected to close on April 6, 2021, subject to customary closing conditions. Pursuant to a Stock Repurchase Agreement, dated as of March 29, 2021, between Open Lending and the selling stockholders, Open Lending will repurchase from the selling stockholders an aggregate number of shares of Open Lending’s common stock equal to $20.0 million at the same per share price paid by the underwriters to the selling stockholders in the offering. The share repurchase is conditioned on the closing of the offering, which is expected to occur on April 6, 2021, subject to customary closing conditions. Deutsche Bank Securities, Goldman Sachs & Co. LLC and Morgan Stanley are acting as lead book-running managers for the offering. J.P. Morgan, Jefferies, Raymond James and William Blair are also acting as book-running managers. Stephens Inc., Canaccord Genuity, D.A. Davidson & Co., JMP Securities, Needham & Company and Northland Capital Markets are acting as co-managers. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on April 1, 2021. The offering of these securities is being made only by means of a prospectus. When available, a copy of the final prospectus relating to the offering may be obtained from: Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: (800) 503-4611 or email: [email protected]; or Goldman Sachs & Co. LLC, Attention...