GRANTS PASS, Ore. - Dutch Bros Inc. (NYSE: NYSE:BROS), the drive-thru coffee chain, announced the commencement of a registered underwritten public offering of 8 million shares of Class A common stock by certain selling stockholders affiliated with TSG Consumer Partners, L.P. Concurrently, these stockholders will distribute 383,363 securities convertible into common stock to some members electing to retain their stakes.
The offering, managed by Morgan Stanley (NYSE:MS) as the sole underwriter, is not contingent on the completion of the in-kind distribution, which will adhere to lock-up restrictions detailed in the prospectus supplement. While Dutch Bros is not selling any shares or receiving proceeds from this offering, it will incur associated costs except for underwriting discounts and commissions.
This move follows a shelf registration statement on Form S-3 filed with the SEC, which became effective upon filing. The offering will be made through a prospectus supplement and accompanying prospectus, available on the SEC's website or upon request from Morgan Stanley.
Dutch Bros, founded in 1992, has grown from a pushcart operation in Grants Pass, Oregon, to a franchisor of drive-thru shops known for hand-crafted beverages and quick service. The company emphasizes its commitment to impacting employees, customers, and communities positively.
The company's forward-looking statements about the offering's intended size and terms are subject to market conditions and other risks, as detailed in the risk factors of the Form S-3 registration statement and future SEC filings.
This press release statement is the basis for the news article and does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer, solicitation, or sale of securities would be unlawful without registration or qualification under the applicable state or jurisdiction securities laws.
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