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Vivid Seats Announces Expiration and Results of Exchange Offer and Consent Solicitation Relating to its Public Warrants
CHICAGO, June 30, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or the “Company”), a leading marketplace that utilizes its
About this update from Vivid Seats Inc.
[{"type":"text","content":"CHICAGO, June 30, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or the “Company”), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced the expiration and results of its previously announced exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding public warrants to purchase shares of its Class A common stock, par value $0.0001 per share (“Class A Common Stock”). The Offer and Consent Solicitation expired at 11:59 p.m., Eastern Daylight Time, on June 29, 2022. The Company has been advised that 11,366,727 public warrants, or approximately 62.7% of the outstanding public warrants, were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent Solicitation. The Company expects to accept all validly tendered warrants for exchange and settlement on or before July 5, 2022. Concurrently with the Offer, the Company solicited consents from holders of the public warrants to amend the warrant agreement governing the public warrants (the “Warrant Amendment”) to permit the Company to require that each public warrant outstanding upon the closing of the Offer be converted into 0.213 shares of Class A Common Stock. The Warrant Amendment required the consent of holders of at least 65% of the outstanding public warrants. Pursuant to the Consent Solicitation, the Company received the approval of approximately 62.7% of the outstanding public warrants to the Warrant Amendment. Accordingly, the Warrant Amendment will not go into effect. The Company also announced that its registration statement on Form S-4 filed with the Securities and Exchange Commission (the “SEC”) registering the Company’s Class A Common Stock issuable in the Offer was declared effective by the SEC on June 28, 2022. Evercore Group L.L.C. served as the Dealer Manager for the Offer and Consent Solicitation. This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the warrants, an offer to sell or a solicitation of an offer to buy any shares of Class A Common Stock or a solicitation of the related consents. The Offer and Consent Solicitation were made only thr...