Business
Stagwell (Nasdaq: STGW) Announces Pricing of Secondary Offering of Class A Common Stock
NEW YORK, March 9, 2023 /PRNewswire/ -- Stagwell Inc. (Nasdaq: STGW) ("Stagwell" or the "Company"), the challenger network built to transform marketing, today
About this update from Stagwell Inc.
[{"type":"text","content":"NEW YORK, March 9, 2023 /PRNewswire/ -- Stagwell Inc. (Nasdaq: STGW) (\"Stagwell\" or the \"Company\"), the challenger network built to transform marketing, today announced the pricing of its previously announced underwritten public offering of an aggregate of 16,000,000 shares of its Class A common stock, par value $0.001 per share (the \"Class A Common Stock\"), by entities affiliated with The Stagwell Group LLC and Goldman Sachs (collectively, the \"Selling Stockholders\") at a public offering price of $6.75 per share. The offering is expected to close on or about March 14, 2023, subject to satisfaction of customary closing conditions. The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of Class A Common Stock at the public offering price, less underwriting discounts and commissions. The Company will not receive any proceeds from the sale of shares in the offering.\nMorgan Stanley and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the offering, SVB Securities LLC and Wells Fargo Securities, LLC are also acting as joint book-running managers for the offering. Rosenblatt Securities Inc. is acting as co-manager for the offering.\nThe Company has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (\"SEC\") for the offering to which this communication relates and will file a final prospectus supplement relating to the offering. The offering is being made only by means of a prospectus supplement and the accompanying prospectus. Before investing, prospective investors should read the prospectus supplement, accompanying prospectus and documents incorporated by reference therein for more complete information about Stagwell and the offering. You may obtain these documents for free by visiting the SEC's website at http://www.sec.gov or by contacting: Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected].\nThis press release does not constitute an offer to sell or a solicitation of an o...