CCC Intelligent Solutions Announces Proposed Secondary Offering of 50 Million Shares of Common Stock

Rhea-AI Summary

CCC Intelligent Solutions Holdings announced a secondary offering of 50 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners. The company will not receive any proceeds from this sale. The shares will be sold at market prices through negotiated transactions. Joint book running managers for the offering include J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs. The offering is made under a shelf registration statement filed with the SEC, effective since October 14, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities.

Positive

• Offering is facilitated by reputable financial institutions, including J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs.
• Shelf registration statement with the SEC is already effective, ensuring compliance and readiness for the offering.

Negative

• Company will not receive any financial proceeds from the sale of shares, limiting immediate capital influx.
• Secondary offering may lead to dilution of share value in the market.
• Selling Stockholders are divesting a substantial number of shares, potentially indicating a lack of confidence in future stock performance.

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ: CCCS) today announced the proposed secondary offering of 50 million shares of the Company’s common stock (the “Offering”) by affiliates of Advent International, L.P. and Oak Hill Capital Partners (collectively, the “Selling Stockholders”). The shares will be offered from time to time for sale through negotiated transactions or otherwise at market prices prevailing at the time of sale. The Offering consists entirely of shares of the Company’s common stock to be sold by the Selling Stockholders, and the Company will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders.

J.P. Morgan, Morgan Stanley, BofA Securities and Goldman Sachs & Co. LLC are acting as joint book running managers for the Offering. The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-267793), which has been filed with the Securities and Exchange Commission (“SEC”) and became effective on October 14, 2022. The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus. You may get these documents for free, including the prospectus supplement, once available, by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, by mail at 1155 Long Island Avenue, Edgewood, New York 11717, by telephone: (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by phone: 1-866-718-1649 or by email: prospectus@morganstanley.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email Prospectus-ny@ny.email.gs.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 CCC INTELLIGENT SOLUTIONS

CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading cloud platform for the multi-trillion-dollar P&C insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes, and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Offering. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, closing of the Offering on the anticipated terms or at all; market conditions; and the satisfaction of customary closing conditions related to the Offering; and other risks and uncertainties, including those included under the header “Risk Factors” in our Form 10-K filed with the SEC on February 28, 2024, which can be obtained, without charge, at the SEC’s website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528598557/en/

INVESTOR CONTACT



Bill Warmington

VP, Investor Relations, CCC Intelligent Solutions Inc.

IR@cccis.com

312-229-2355



MEDIA CONTACT



Michelle Hellyar

Senior Director, Public Relations, CCC Intelligent Solutions Inc.

mhellyar@cccis.com

773-791-3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is CCC Intelligent Solutions' secondary offering?

CCC Intelligent Solutions announced a secondary offering of 50 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners.

When did CCC Intelligent Solutions file the shelf registration statement for the offering?

The shelf registration statement was filed with the SEC and became effective on October 14, 2022.

Will CCC Intelligent Solutions receive proceeds from the secondary offering?

No, the company will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders.

Which financial institutions are managing CCC Intelligent Solutions' secondary offering?

J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs are acting as joint book running managers for the offering.

How will the shares be sold in CCC Intelligent Solutions' secondary offering?

The shares will be sold through negotiated transactions or at market prices prevailing at the time of sale.

What is the significance of the secondary offering for CCCS stock?

The secondary offering may affect CCCS stock by potentially diluting share value and indicating large stockholders' divestment.