The Lovesac Company Announces Pricing of Follow-On Offering by Selling Stockholders
October 29 2018 - 8:26AM
The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”)
today announced the pricing of an underwritten public offering of
2,000,000 shares of its common stock by certain selling
stockholders of the Company at an offering price of $19.00 per
share. The selling stockholders have granted the underwriters a
30-day option to purchase from them up to an additional 300,000
shares of the Company’s common stock. The Company will not receive
any of the proceeds from the sale of the shares being offered by
the selling stockholders but will bear the costs associated with
the sale of such shares, other than underwriting discounts and
commissions. The offering is expected to close on October 31, 2018,
subject to customary closing conditions.
Roth Capital Partners and Canaccord Genuity are
serving as joint book-running managers with Craig-Hallum Capital
Group as co-manager for the offering.
The offering is being made only by means of a
prospectus. A copy of the final prospectus, when available, may be
obtained from:
- Roth Capital Partners, LLC, 888 San Clemente, Newport Beach,
California 92660, Attn: Equity Capital Markets, via telephone at
(800) 678-9147 or via email at rothecm@roth.com;
- Canaccord Genuity LLC, 99 High Street, Suite 1200, Boston, MA
02110, Attn: Syndicate Department, by telephone at (617) 371-3900
or by e-mail at prospectus@canaccordgenuity.com; or
- Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite
350, Minneapolis, MN 55402, by telephone at (612) 334-6300, or by
email at prospectus@chlm.com.
A registration statement relating to these
securities has been filed with, and declared effective by, the
United States Securities and Exchange Commission. 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 Lovesac Company
Based in Stamford, Connecticut, The Lovesac
Company is a direct-to-consumer specialty furniture brand with 77
retail showrooms supporting its ecommerce delivery model. Lovesac’s
name comes from its original Durafoam filled beanbags called Sacs.
The Company derives a majority of its current sales from its
proprietary platform called Sactionals, a washable, changeable,
reconfigurable, and FedEx-shippable solution for large upholstered
seating. Founder and CEO, Shawn Nelson’s, “Designed for Life”
philosophy emphasizes sustainable products that are built to last a
lifetime and designed to evolve with the customer’s needs,
providing long-term utility and ultimately reducing the amount of
furniture discarded into landfills.
Investor Relations Contacts:
Rachel Schacter, ICR (203) 682-8200
InvestorRelations@lovesac.com
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