Corsair Gaming, Inc. Launches Public Offering by Selling Stockholders

Rhea-AI Summary

Corsair Gaming, Inc. (NASDAQ:CRSR) has announced a public offering of 7,500,000 shares of common stock by certain selling stockholders. An additional 1,125,000 shares may be offered through a 30-day underwriter option. The net proceeds will go entirely to the selling stockholders, with Corsair receiving no funds from this offering. The offering is subject to market conditions, and completion dates or terms remain uncertain. Leading underwriters include Goldman Sachs, Barclays, and Credit Suisse. The registration statement is pending approval from the SEC.

Positive

• Offering size of 7,500,000 shares may indicate strong interest from selling stockholders.
• Potential to raise additional funds through underwriters' option for 1,125,000 shares.

Negative

• Corsair will not receive any proceeds from the offering, limiting potential cash inflow.
• Dilution risk for existing shareholders due to the increase in total shares available.

FREMONT, Calif., Jan. 19, 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 launch of a public offering of 7,500,000 shares of common stock to be sold by certain selling stockholders of Corsair. In addition, certain of the selling stockholders are expected to grant the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock. The selling stockholders will receive all of the net proceeds from the offering and Corsair will not receive any proceeds. The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.

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

The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering, when available, 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.

A registration statement relating to the shares being sold in this offering by the selling stockholders has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities 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 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 is the current public offering of Corsair Gaming (CRSR)?

Corsair Gaming is offering 7,500,000 shares of common stock from selling stockholders, with a potential option for 1,125,000 additional shares.

Who are the underwriters for the Corsair Gaming (CRSR) offering?

Goldman Sachs, Barclays, and Credit Suisse are the lead underwriters for the offering.

Will Corsair Gaming (CRSR) receive funds from this offering?

No, Corsair Gaming will not receive any proceeds from this public offering; all funds will go to the selling stockholders.

What are the risks associated with Corsair Gaming's (CRSR) offering?

The primary risk is shareholder dilution, as the offering increases the overall number of shares on the market.

When can the Corsair Gaming (CRSR) public offering be expected to complete?

The completion of the offering is subject to market conditions, so there is no set date.