Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq:
SOVO), one of the fastest growing food companies of scale in the
United States, today announced that certain stockholders of Sovos
Brands (the “Selling Stockholders”) intend to offer 10,000,000
shares of Sovos Brands’ common stock, par value $0.001 per share
(the “Common Stock”), in an underwritten secondary public offering.
The Selling Stockholders intend to grant the underwriters a
30-day option to purchase up to an additional 1,500,000 shares of
Common Stock at the public offering price, less underwriting
discounts and commissions. The offering consists entirely of
secondary shares to be sold by the Selling Stockholders.
The Selling Stockholders will receive all of the proceeds from
the offering. The Company is not selling any shares of Common Stock
in the offering and will not receive any proceeds from the
offering.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as
underwriters of the Offering.
The underwriters propose to offer the shares of common stock to
the public at a fixed price, which may be changed at any time
without notice.
The Offering is being made pursuant to an effective shelf
registration statement (including a prospectus) filed by the
Company with the U.S. Securities and Exchange Commission (“SEC”) to
which this communication relates. Before you invest, you should
read the prospectus in the shelf registration statement and the
documents incorporated by reference therein, the free writing
prospectus and other documents the Company has filed with the SEC
for more complete information about the Company and the Offering.
The Offering will be made only by means of a free writing
prospectus, a prospectus and a related prospectus supplement
relating to the Offering, copies of which may be obtained from
Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West
Street, New York, NY 10282, by telephone at (866) 471-2526 or by
email at prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone at 866-803-9204 or by email at
prospectus-eq_fi@jpmchase.com. A copy of the free writing
prospectus, the prospectus and the related prospectus supplement
relating to the Offering may also be obtained free of charge by
visiting EDGAR on the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 Sovos Brands, Inc.
Sovos Brands, Inc. is a consumer-packaged food company focused
on acquiring and building disruptive growth brands that bring
today’s consumers great tasting food that fits the way they live.
The Company’s product offerings include a variety of pasta sauces,
dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of
which are sold in North America under the brand names Rao’s,
Michael Angelo’s and noosa. All Sovos Brands’ products are built
with authenticity at their core, providing consumers with
one-of-a-kind food experiences that are genuine, delicious, and
unforgettable. The Company is headquartered in Louisville,
Colorado.
SOVOS™, RAO'S®, RAO'S HOMEMADE®, NOOSA® and MICHAEL ANGELO'S®
are trademarks of Sovos Brands and its subsidiaries.
Forward-Looking Statements
This press release contains forward-looking statements,
including, without limitation, statements concerning the conditions
of our industry and our operations, performance and financial
condition, including in particular, statements relating to our
business, growth strategies, product development efforts and future
expenses. All statements regarding Sovos Brands other than
statements of historical fact or relating to present facts or
current conditions included in this press release are
forward-looking statements. Forward-looking statements can be
identified by words such as “anticipates,” “intends,” “plans,”
“seeks,” “believes,” “estimates,” “expects” and similar references
to future periods, or by the inclusion of forecasts or projections.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the outlook for our future
business and financial performance.
Forward-looking statements in this press release are based on
our current expectations and beliefs and are subject to substantial
risks, uncertainties, assumptions, and changes in circumstances
that may cause Sovos Brands’ actual results, performance, or
achievements to differ materially from those expressed or implied
in any forward-looking statement. The risks and uncertainties
referred to above include regional, national or global political,
economic, business, competitive, market and regulatory conditions
and the following: adverse consequences of the actions of the major
retailers, wholesalers, distributors and mass merchants on which we
rely, including if they give higher priority to other brands or
products, take steps to maintain or improve their margins by, among
other things, raising the on-shelf prices of our products or
imposing surcharges on us, or if they perform poorly or declare
bankruptcy; our dependence on third-party distributors and
third-party co-packers, including one co-packer for the substantial
majority of our Rao’s Homemade sauce products; inflation, including
our vulnerability to decreases in the supply of and increases in
the price of raw materials, packaging, fuel, labor, manufacturing,
distribution and other costs, and our inability to offset
increasing costs through cost savings initiatives or pricing;
supply disruptions, including increased costs and potential adverse
impacts on distribution and consumption; our inability to expand
household penetration and successfully market our products;
competition in the packaged food industry and our product
categories; consolidation within the retail environment may allow
our customers to demand lower pricing, increased promotional
programs and increased deductions and allowances, among other
items; our inability to successfully introduce new products or
failure of recently launched products to meet expectations or
remain on-shelf; our inability to accurately forecast pricing
elasticities and the resulting impact on volume growth and/or
distribution gains; failure by us or third-party co-packers or
suppliers of raw materials to comply with labeling, food safety,
environmental or other laws or regulations, or new laws or
regulations; our vulnerability to the impact of severe weather
conditions, natural disasters and other natural events such as
herd, flock and crop diseases on our manufacturing facilities,
co-packers or raw material suppliers; our inability to effectively
manage our growth; geopolitical tensions, including relating to
Ukraine; the COVID-19 pandemic and associated effects; our
inability to maintain our workforce; our inability to identify,
consummate or integrate new acquisitions or realize the projected
benefits of acquisitions; erosion of the reputation of one or more
of our brands; our inability to protect ourselves from
cyberattacks; failure to protect, or litigation involving, our
tradenames or trademarks and other rights; fluctuations in currency
exchange rates could adversely affect our results of operations and
cash flows; our ability to effectively manage interest rate risk,
including through the use of hedges and other strategies or
financial products; the effects of climate change and adherence to
environmental, social and governance demands; a change in
assumptions used to value our goodwill or our intangible assets, or
the impairment of our goodwill or intangible assets; our level of
indebtedness and our duty to comply with covenants under our credit
facilities; and the interests of our majority stockholder may
differ from those of public stockholders.
These risks and uncertainties are more fully described in Sovos
Brands’ filings with the SEC, including in the section entitled
“Risk Factors” in its Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, and other filings and reports that
Sovos Brands may file from time to time with the SEC. Moreover,
Sovos Brands operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for management to predict all risks, nor can Sovos Brands assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements Sovos Brands may make. In light of these risks,
uncertainties and assumptions, Sovos Brands cannot guarantee that
future results, levels of activity, performance, achievements, or
events and circumstances reflected in the forward-looking
statements will occur. Forward-looking statements represent
managements’ beliefs and assumptions only as of the date of this
press release. The underwriters and their affiliates have not
conducted any investigation with respect to the information in this
press release, and the underwriters and Sovos Brands expressly
disclaim any and all liability for representations, expressed or
implied, contained in, or for omissions from, this press release or
any other written or oral communication transmitted to any
interested party in the course of its evaluation of Sovos Brands.
Only those particular representations and warranties that may be
made by Sovos Brands in a definitive written agreement, when and if
one is executed, and subject to such limitations and restrictions
as may be specified in such agreement, shall have any legal effect.
Certain information contained in this press release has been
obtained from sources outside of Sovos Brands. While such
information is believed to be reliable for the purposes used
herein, neither Sovos Brands nor any of its affiliates, directors,
officers, members, employees, agents or advisors assume any
responsibility for the accuracy of such information.
Contacts:
Investors: Joshua Levine IR@sovosbrands.com
Media:Lauren Armstrongmedia@sovosbrands.com
Sovos Brands (NASDAQ:SOVO)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Sovos Brands (NASDAQ:SOVO)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024