Business
Portillo’s Inc. Announces Partial Exercise and Closing of Underwriters' Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering
OAK BROOK, Ill., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s”) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of
About this update from Portillo's Inc.
[{"type":"text","content":"OAK BROOK, Ill., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s”) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the partial exercise of the underwriters’ over-allotment option related to the previously-disclosed synthetic secondary offering announced on August 8, 2022 and closed on August 16, 2022. At close of the 30-day option period, the underwriters elected to purchase an additional 66,458 of Portillo’s Class A common stock at the public offering price of $23.75. Following the partial option exercise, the total number of Class A shares sold by the Company in the synthetic secondary offering increased to 8,066,458. Pre- and post-offering share counts for Portillo’s Class A common stock and Class B common stock are listed below (excluding shares issued pursuant to the exercise of employee options between August 16, 2022 and September 13, 2022): Pre-OfferingAt Initial Closing (Aug 16, 2022)Post-Option Closing (Sept. 13, 2022)Class AClass BClass AClass BClass AClass B36,218,35535,673,32142,111,95529,779,72142,160,91429,730,762TotalTotalTotal71,891,67671,891,67671,891,676 The offering closed on September 13, 2022. Portillo’s intends to use all of the net proceeds from this offering to purchase LLC Units or shares of Class A common, as applicable, of the selling stockholders in a “synthetic secondary” transaction, at a price per LLC Unit or share of Class A common stock, as applicable, equal to the public offering price per share of Class A common stock in this offering, less the underwriting discounts and commissions. As a result, Portillo’s will not receive any proceeds from this offering. Jefferies, Morgan Stanley, BofA Securities and Piper Sandler acted as lead joint book-running managers and representatives for the proposed offering. Baird, UBS Investment Bank and William Blair also acted as lead book-running managers for the proposed offering. Guggenheim Securities, Stifel, Loop Capital Markets and Ramirez & Co., Inc. acted as co-managers for the proposed offering. The offering was made only by means of a prospectus. A copy of the final prospectus may be obtained from the Securities and Exchange Commission (“SEC”) at www.sec.gov, and copies of the final prospectus may be obtained from: Jefferies LLC, Attn: Equity Syndicate Prospectus Departme...