Shares of coffee chain house Dutch Bros Inc BROS are down Friday morning after the company announced the pricing of the previously announced registered underwritten public offering by certain selling stockholders.
The selling shareholders, associated with TSG Consumer Partners, L.P., offer 8 million shares at an offering price of $34.00 per share.
The offer price represents a 4.5% discount to Dutch Bros' closing price on March 22, 2024
The offering is expected to close on or about March 26, 2024, subject to the satisfaction of customary closing conditions.
The selling stockholders granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares.
Upon completion of this offering, one of the directors nominated by the selling stockholders will resign from the Dutch Bros board of directors.
Price Action: BROS shares are trading lower by 6.23% at $33.40 in premarket on the last check Friday.
Photo via Wikimedia Commons
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