FIGS Announces Pricing of Secondary Offering of Class A Common Stock

Rhea-AI Summary

FIGS, Inc. (NYSE: FIGS) has announced the pricing of a secondary offering of 8,917,385 shares of its Class A common stock at $40.25 per share, led by its largest stockholder, Tulco, LLC. The underwriters hold a 30-day option for an additional 1,337,607 shares. FIGS will not receive proceeds from this sale, which is expected to close on September 20, 2021, pending customary conditions. Major underwriters include Goldman Sachs, Morgan Stanley, and Barclays Capital.

Positive

• Secondary offering could increase liquidity and visibility in the market.

Negative

• FIGS will not receive proceeds from the stock sale, which may limit their financial flexibility.

SANTA MONICA, Calif.--(BUSINESS WIRE)-- FIGS, Inc. (NYSE: FIGS), a direct-to-consumer healthcare apparel and lifestyle brand, today announced the pricing of a secondary offering of 8,917,385 shares of its Class A common stock by Tulco, LLC, FIGS’ largest stockholder, and certain members of FIGS’ management team at a price to the public of $40.25 per share. The underwriters have a 30-day option to purchase an additional 1,337,607 shares of Class A common stock from the selling stockholders. The offering consists entirely of shares of Class A common stock to be sold by the selling stockholders, and FIGS will not receive any proceeds from the sale of shares in the offering. The closing of the offering is expected to occur on September 20, 2021, subject to satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as lead book-running managers for the offering. BofA Securities, Inc. is also acting as a book-running manager for the offering. Cowen and Company, LLC, Guggenheim Securities, LLC, KeyBanc Capital Markets Inc., Oppenheimer & Co. Inc., Piper Sandler & Co., Telsey Advisory Group LLC, Academy Securities, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attn: Prospectus Department, Telephone: (866) 471-2526, Email: prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (888) 603-5847, Email: Barclaysprospectus@broadridge.com; and Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: (800) 221-1037, Email: usa.prospectus@credit-suisse.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on September 15, 2021. 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 FIGS

FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals. We create technically advanced apparel and products for healthcare professionals that feature an unmatched combination of comfort, durability, function and style. We market and sell our products directly through our digital platform to provide a seamless experience for healthcare professionals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915006202/en/

Investors:

Carrie Gillard

IR@wearfigs.com



Media:

Todd Maron

press@wearfigs.com

Source: FIGS, Inc.

FAQ

What is the stock symbol for FIGS?

The stock symbol for FIGS is NYSE: FIGS.

Who is leading FIGS' secondary stock offering?

Tulco, LLC, FIGS’ largest stockholder, is leading the secondary stock offering.

What is the price per share for the FIGS secondary offering?

The price per share for the FIGS secondary offering is $40.25.

When is the closing date for the FIGS secondary offering?

The closing date for the FIGS secondary offering is expected to occur on September 20, 2021.

Will FIGS receive any proceeds from the secondary offering?

No, FIGS will not receive any proceeds from the secondary offering.