Cardlytics Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Cardlytics (NASDAQ: CDLX) announced a public offering of 3,850,000 shares at $130.00 each, aiming for approximately $500.5 million in gross proceeds. The offering, expected to close around March 5, 2021, includes a 30-day option for underwriters to purchase an additional 577,500 shares. BofA Securities and J.P. Morgan are leading the underwriting. The offering follows a shelf registration effective March 1, 2021. This capital will likely support business growth and operational initiatives.

Positive

• Gross proceeds of approximately $500.5 million from the public offering.
• Plans to use funds potentially for growth initiatives.

Negative

• Potential dilution of existing shareholders due to the new share issuance.

ATLANTA, March 02, 2021 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced the pricing of an underwritten public offering of 3,850,000 shares of its common stock, at a price to the public of $130.00 per share. The gross proceeds to Cardlytics from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $500.5 million. The offering is expected to close on or about March 5, 2021, subject to customary closing conditions. In addition, Cardlytics has granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of common stock at the public offering price, less underwriting discounts and commissions.

BofA Securities and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Wells Fargo Securities is also acting as a book-running manager for the offering. Raymond James is acting as a manager for the offering.

The offering is being made pursuant to a shelf registration statement, including a base prospectus, filed by Cardlytics with the Securities and Exchange Commission (SEC), which was effective on March 1, 2021. The offering may be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained, when available, from BofA Securities, Inc., 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or telephone at 866-803-9204 or email at prospectus-eq_fi@jpmchase.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 Cardlytics

Cardlytics (NASDAQ: CDLX) is an advertising platform in banks’ digital channels. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, San Francisco, and Visakhapatnam.

Forward Looking Statements

This press release includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding Cardlytics’ expectations regarding the closing of the public offering. The words “anticipate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Cardlytics’ current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include risks related to the satisfaction of closing conditions and other factors that are set forth in Cardlytics’ filings with the SEC, including Cardlytics’ Annual Report on Form 10-K for the year ended December 31, 2020 and other filings Cardlytics makes with the SEC from time to time, under the caption “Risk Factors.” The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Investor Relations:
William Maina
ICR, Inc.
(646) 277-1236
ir@cardlytics.com

FAQ

What is the recent public offering by Cardlytics (CDLX)?

Cardlytics announced a public offering of 3,850,000 shares priced at $130.00 each, targeting gross proceeds of about $500.5 million.

When is the Cardlytics (CDLX) public offering expected to close?

The offering is expected to close on or about March 5, 2021, subject to customary closing conditions.

What are the implications of the Cardlytics (CDLX) share offering for investors?

The offering may lead to potential dilution of existing shares, impacting current shareholders' value.

Who is managing the Cardlytics (CDLX) public offering?

BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering.