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European Wax Center Raises $62M Via Equity Offering

Benzinga · 11/11/2021 05:39
  • European Wax Center Inc (NASDAQ:EWCZannounced the pricing of a public offering of 5.2 million shares of its Class A common stock at $26.25 a share.
  • The offering price represents a 2.2% discount on the company's last close on November 10, 2021.
  • The offering includes 2.9 million shares of Class A common stock offered by certain selling stockholders affiliated with General Atlantic L.P.
  • The underwriters will have a 30-day option to purchase up to an additional 782,546 shares of Class A common stock.
  • The offering is expected to close on November 15, 2021.
  • EWC intends to use the net proceeds to purchase an equivalent number of non-voting common units in EWC Ventures, LLC and corresponding shares of the company's Class B common stock.
  • Morgan Stanley, BofA Securities, and Jefferies are acting as the joint book-running managers and underwriters for the offering.
  • Price Action: EWCZ shares closed lower by 4.99% at $26.83 on Wednesday.