The Lovesac Company Announces Pricing of Follow-On Offering
May 22 2019 - 7:30AM
The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”)
announced today the pricing of an underwritten public offering of
2,500,000 shares of its common stock, which include 750,000 shares
offered by the Company and 1,750,000 shares offered by certain
selling stockholders of the Company, at a public offering price of
$36.00 per share. The underwriters have granted a 30-day option to
purchase up to an additional 375,000 shares of common stock from
the selling stockholders. The Company intends to use the net
proceeds of this offering for increased sales and marketing
expenses, product development, and working capital and other
general corporate purposes. The Company will not receive any
of the proceeds from the sale of the shares offered by the selling
stockholders but will bear the costs associated with the sale of
such shares, other than underwriting discounts and commissions.
Stifel, Canaccord Genuity and Roth Capital Partners are acting
as joint book-running managers for the proposed offering. D.A.
Davidson & Co. and Craig-Hallum Capital Group are acting as
co-managers for the proposed offering.
A registration statement on Form S-1 relating to the offering
was declared effective by the U.S. Securities and Exchange
Commission on May 21, 2019. The offering of these shares was made
only by means of a prospectus.
Copies of the prospectus relating to the offering may be
obtained from the following:
- Stifel, Nicolaus & Company, Incorporated, Attention:
Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA
94104, by telephone at 415-364-2720 or by email at
syndprospectus@stifel.com.
- Canaccord Genuity LLC, Attention: Equity Syndicate Department,
99 High Street, Suite 1200, Boston, MA 02110, by telephone at (617)
371-3900 or by email at prospectus@cgf.com.
- 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
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 over 75 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.
Cautionary Statement Concerning Forward Looking
Statements
Certain statements either contained in or incorporated by
reference into this communication, other than purely historical
information, including estimates, projections and statements
relating to Lovesac’s business plans, objectives and expected
operating results, and the assumptions upon which those statements
are based, are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements relating to the public offering are forward-looking
statements. Such statements are based on management’s current
expectations and involve risks and uncertainties. Actual results
could differ materially from those projected in the forward-looking
statements as a result of many factors, and you should not place
undue reliance on these forward-looking statements. Lovesac
disclaims any intent or obligation to update these forward-looking
statements to reflect events or circumstances that exist after the
date on which they were made.
Investor Relations Contact:
Rachel Schacter, ICR (203) 682-8200
InvestorRelations@lovesac.com
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