Corsair Gaming, Inc. Announces Closing of Follow-On Public Offering by Selling Stockholders

Rhea-AI Summary

Corsair Gaming, Inc. (NASDAQ:CRSR) has completed a public offering of 8,625,000 shares at $35.00 each, yielding approximately $301.9 million in gross proceeds. The offering included 1,125,000 shares from underwriters' options. All net proceeds will go to selling stockholders. This offering was facilitated by Goldman Sachs, Barclays, and Credit Suisse among others, under a registration statement declared effective on January 21, 2021. No securities sales are permitted in jurisdictions without registration.

Positive

• Gross proceeds of approximately $301.9 million from the offering.
• Successful completion of a public offering indicating strong investor interest.

Negative

• Shares sold are from selling stockholders, possibly indicating existing shareholders cashing out.
• Potential dilution risk for existing shareholders due to additional shares in circulation.

FREMONT, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a leading global provider and innovator of high-performance gear for gamers and content creators, announced today the closing of its public offering of 8,625,000 shares of its common stock at a public offering price of $35.00 per share by certain selling stockholders, which includes an additional 1,125,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares, for total gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, of approximately $301,875,000. The selling stockholders will receive all of the net proceeds from the offering.

Goldman Sachs & Co. LLC, Barclays and Credit Suisse served as lead book-running managers and as representatives of the underwriters for the offering. Macquarie Capital, Baird, Cowen and Stifel also acted as book-running managers for the offering. Wedbush Securities and Academy Securities acted as co-managers for the offering.

The offering was made pursuant to a registration statement declared effective by the Securities and Exchange Commission on January 21, 2021. A copy of the final prospectus relating to this 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 prospectusny@ny.email.gs.com; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847 or by e-mail at barclaysprospectus@broadridge.com; or Credit Suisse, Attention: Credit Suisse Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at 1-800-221-1037 or by e-mail to usa.prospectus@credit-suisse.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.

Source: Corsair Gaming, Inc.

Investor Relations:

Ronald van Veen
ir@corsair.com
510-578-1407

Media:

Adrian Bedggood
adrian.bedggood@corsair.com
510-657-8747
+44-7989-258827

 

FAQ

What was the public offering price for Corsair Gaming shares?

The public offering price for Corsair Gaming shares was $35.00 each.

How many shares were sold in Corsair's recent public offering?

Corsair sold a total of 8,625,000 shares in its recent public offering.

What were the total gross proceeds from Corsair's stock offering?

The total gross proceeds from Corsair's stock offering were approximately $301.9 million.

Who managed Corsair's public offering?

Goldman Sachs, Barclays, and Credit Suisse served as lead book-running managers for Corsair's public offering.

What is the intended use of the proceeds from Corsair's offering?

All net proceeds from the offering will be received by the selling stockholders.