The Vita Coco Company, Inc. (Nasdaq: COCO) (“Vita Coco Company”), a
leading high-growth platform of better-for-you beverage
brands, today announced the upsizing and pricing of an
underwritten public offering of 5,000,000 shares of its common
stock at a public offering price of $23.00 per share, before
deducting underwriting discounts and commissions, all of which are
being sold by an existing stockholder, Verlinvest Beverages SA (the
“Selling Stockholder”). The offering was upsized from the
previously announced 4,500,000 shares of common stock. In addition,
the Selling Stockholder has granted the underwriters a 30-day
option to purchase up to 750,000 additional shares of common stock
at the public offering price, less underwriting discounts and
commissions. No shares of common stock are being sold by the Vita
Coco Company. The Selling Stockholder will receive all of the
proceeds from the offering. The offering is expected to close on
May 26, 2023, subject to the satisfaction of customary closing
conditions.
BofA Securities, Evercore ISI, Goldman Sachs
& Co. LLC, Jefferies and Morgan Stanley are acting as lead
book-running managers for the proposed offering. Piper Sandler and
William Blair are acting as joint book-running managers for the
proposed offering.
A registration statement relating to these
securities has been filed with the U.S. Securities and Exchange
Commission (the “SEC”) and was declared effective on May 10, 2023.
A preliminary prospectus supplement and accompanying prospectus
relating to and describing the terms of the offering have been
filed with the SEC and are available on the SEC’s website located
at www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus may also be obtained, when available, by
contacting: BofA Securities, Attention: Prospectus Department,
NC1-022-02-25, 201 North Tryon, Charlotte, North Carolina
28255-0001, or by email at dg.prospectus_requests@bofa.com;
Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East
52nd Street, 35th Floor, New York, New York 10055, by telephone at
(888) 474-0200 or by email at ecm.prospectus@evercore.com; Goldman
Sachs & Co. LLC, 200 West Street, New York, New York 10282,
Attention: Prospectus Department, telephone: 1-866-471-2526, by fax
at (212) 902-9316 or by emailing Prospectus-ny@ny.email.gs.com;
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, New York, New York 10022, by telephone at (877)
821-7388 or by email at Prospectus_Department@jefferies.com; or
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, New York 10014.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About The Vita Coco Company
The Vita Coco Company was co-founded in 2004 by
Chairman Michael Kirban and Ira Liran. Pioneers in the functional
beverage category, The Vita Coco Company’s brands include the
leading coconut water, Vita Coco; clean energy drink Runa;
sustainable enhanced water, Ever & Ever; and protein-infused
water, PWR LIFT. With its ability to harness the power of people
and plants, while balancing purpose and profit, The Vita Coco
Company has created a modern beverage platform built for current
and future generations.
The company is a Public Benefit Corporation in
Delaware and is a Certified B Corporation.™
About Verlinvest
Verlinvest is an international, family-backed
evergreen investment company. It identifies inflection points in
consumer behaviors and partners with the businesses driving these
consumer revolutions forward. Established in 1995, with offices in
Brussels, London, New York, Mumbai, and Singapore, Verlinvest
focuses on the FMCG, health, consumer technology and lifestyle
categories, investing across three strategies: Platform, Growth
& Venture. Its portfolio includes the likes of Oatly, Vita
Coco, Tony's Chocolonely, BYJU’s, Bludental and Toluna, alongside
alumni Chewy.com, Vitaminwater and Remy Cointreau.
Forward Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical
facts contained in this press release may be forward-looking
statements, including statements regarding the completion of the
offering and the grant of the option to purchase additional shares.
In some cases, you can identify forward-looking statements by terms
such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “forecasts,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions. The forward-looking statements contained in this press
release are only predictions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our business, financial condition and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other important factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, the important factors
discussed under the caption “Risk Factors” in the prospectus
supplement related to this offering, the important factors
incorporated by reference to our most recent Annual Report on Form
10-K, our most recent Quarterly Report on Form 10-Q and any other
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we
file after the date of this press release, and all other
information contained or incorporated by reference into the
prospectus in the registration statement and the documents
incorporated by reference in that registration statement, as well
as the prospectus supplement related to this offering and the
documents incorporated by reference therein, that may cause our
actual results, performance or achievements to differ materially
and adversely from those expressed or implied by the
forward-looking statements. The forward-looking statements
contained in this press release are based upon information
available to us as of the date of this press release, and while we
believe such information forms a reasonable basis for such
statements, such information may be limited or incomplete, and our
statements should not be read to indicate that we have conducted an
exhaustive inquiry into, or review of, all potentially available
relevant information. These statements are inherently uncertain and
investors are cautioned not to unduly rely upon these statements.
We qualify all of our forward-looking statements by these
cautionary statements. These forward-looking statements speak only
as of the date of this press release. Except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements contained in this press release whether
as a result of any new information, future events or otherwise.
Investor Relations:ICR,
Inc.investors@thevitacococompany.com
Media:Tim
Biba203-428-3222tbiba@soleburystrat.com
Vita Coco (NASDAQ:COCO)
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