Freshpet Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Freshpet, Inc. (NASDAQ: FRPT) announced a follow-on offering of 2,100,000 shares of common stock priced at $143.00 each. The offering will close on February 26, 2021, subject to customary conditions. Additionally, underwriters have a 30-day option to buy up to 315,000 more shares. The offering is linked to an effective shelf registration statement filed with the SEC on February 25, 2020. BofA Securities, Baird, and Truist Securities are the primary managers for this offering.

Positive

• Follow-on offering of 2,100,000 shares at $143.00 each could raise significant capital.
• Potential to raise an additional $45 million if underwriters exercise their option to buy 315,000 extra shares.

Negative

• Issuance of new shares may lead to dilution of existing shareholder value.
• Market reaction to share offerings can negatively impact stock prices.

SECAUCUS, N.J., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet”) (NASDAQ: FRPT) today announced the pricing of its follow-on offering of 2,100,000 shares of the Company’s common stock in an underwritten public offering at a price to the public of $143.00 per share. Freshpet has also granted the underwriters a 30-day option to purchase up to 315,000 additional shares of its common stock.

The offering is expected to close on February 26, 2021, subject to customary closing conditions.

BofA Securities, Baird and Truist Securities are acting as book-running managers for the offering. D.A. Davidson & Co., Stifel and William Blair are acting as co-managers for the offering.

An effective shelf registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2020. The offering of these securities is being made only by means of a prospectus supplement and the accompanying prospectus. Before you invest, you should read the prospectus, the prospectus supplement and the documents incorporated by reference therein for more complete information about Freshpet and the offering. You may get these documents for free by visiting the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus, when available, may be obtained for free from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, email: dg.prospectus_requests@bofa.com; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, syndicate@rwbaird.com or telephone: (800) 792-2473; or Truist Securities, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326, email: TruistSecurities.prospectus@Truist.com.

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 Freshpet

Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Freshpet Kitchens. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business.

Contact:
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com

FAQ

What are the details of Freshpet's stock offering?

Freshpet is offering 2,100,000 shares at $143.00 each, with an option for underwriters to buy 315,000 additional shares.

When will Freshpet's follow-on offering close?

The offering is expected to close on February 26, 2021.

Who are the underwriters for Freshpet's offering?

BofA Securities, Baird, and Truist Securities are acting as book-running managers.

How might Freshpet's stock offering affect shareholders?

The offering may dilute existing shares, impacting shareholder value.

What is the purpose of Freshpet's stock offering?

The offering aims to raise capital for business growth and operations.