Cricut Announces Launch of Initial Public Offering

Rhea-AI Summary

Cricut has initiated its roadshow for the proposed IPO of its Class A common stock, planning to offer 15.3 million shares priced between $20 and $22 each. Of this, 13.25 million shares will be issued by Cricut, while the remaining shares will be sold by existing shareholders. The underwriters may purchase an additional 2.3 million shares. The company is expected to list on the Nasdaq under the ticker symbol CRCT, with Goldman Sachs and Morgan Stanley serving as lead managers. A registration statement for the offering has been filed with the SEC but has yet to become effective.

Positive

• Initial public offering of 15,314,903 shares aimed at raising capital.
• Price range set between $20.00 and $22.00 per share may attract investors.
• Listing on Nasdaq under ticker symbol 'CRCT' can enhance visibility and credibility.

Negative

• Potential dilution of existing shareholders due to additional shares being offered.
• Dependence on market conditions at the time of IPO could impact share pricing and demand.

SOUTH JORDAN, Utah, March 16, 2021 (GLOBE NEWSWIRE) -- Cricut, Inc. (“Cricut”), the creative technology company that has brought a connected platform for making to over four million users worldwide, today announced it has launched the roadshow for the proposed initial public offering of its Class A common stock.

The offering consists of 15,314,903 shares of Class A common stock, of which 13,250,000 shares are offered by Cricut and 2,064,903 shares are offered by certain of Cricut’s existing shareholders. Cricut and the selling shareholders expect to grant the underwriters a 30-day option to purchase up to an additional 2,297,235 shares of Class A common stock at the IPO price, less underwriting discounts and commissions. The IPO price is currently expected to be between $20.00 and $22.00 per share. Cricut expects that its Class A common stock will be approved for listing, subject to notice of issuance, on the Nasdaq Global Select Market under the ticker symbol “CRCT.”

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC will act as lead bookrunning managers for the proposed offering. Citigroup Global Markets Inc. and Barclays Capital Inc. will also serve as joint-bookrunning managers for the proposed offering. Robert W. Baird & Co. will act as co-manager for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by e-mail at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective.  These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall 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 Cricut Inc.
Cricut Inc. is a creative technology platform company dedicated to encouraging new ways for people to experience making at home. As an empowering lifestyle brand, the company mission is to unleash the creative potential of consumers with innovations that bring ideas to life in the form of professional looking, personalized handmade projects. The company's industry-leading products include its flagship line of smart cutting machines—Cricut Maker^®, the Cricut Explore^® family, and Cricut Joy^®—accompanied by other unique tools like Cricut EasyPress^®, the Infusible Ink™ system, and a diverse collection of materials. In addition to the company's core offerings, the brand also fosters a thriving community of more than four million dedicated users worldwide.

Media Inquiries:
ID
Cricut@id-pr.com

Investor Contact:
Stacie Clements
investors@cricut.com

FAQ

What is Cricut's proposed IPO date?

The roadshow for Cricut's IPO was announced on March 16, 2021, but the specific IPO date has not been disclosed.

How many shares is Cricut planning to offer in its IPO?

Cricut plans to offer a total of 15,314,903 shares of Class A common stock in its IPO.

What is the expected price range for Cricut's IPO shares?

The expected price range for Cricut's IPO shares is between $20.00 and $22.00 each.

Who are the lead underwriters for Cricut's IPO?

Goldman Sachs and Morgan Stanley are acting as lead bookrunning managers for Cricut's IPO.

Under what ticker symbol will Cricut's shares be listed?

Cricut's Class A common stock is expected to be listed on the Nasdaq under the ticker symbol 'CRCT.'