Freshpet Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Freshpet, Inc. (NASDAQ: FRPT) announced a public offering of 4,320,988 shares at $81.00 each, targeting proceeds for operational enhancements. The offering, managed by BofA Securities, Jefferies, and Truist Securities, includes a 30-day option for underwriters to buy an additional 648,148 shares. This transaction is set to close on May 6, 2022.

Freshpet's mission focuses on providing fresh, real food for pets, and products are available across major retail channels in North America and Europe.

Positive

• The offering aims to raise funds for operational advancements and growth strategies.
• Potential for additional capital through underwriters' 30-day option for more shares.

Negative

• The issuance of new shares may lead to shareholder dilution.

SECAUCUS, N.J., May 03, 2022 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet”) (NASDAQ: FRPT) today announced the pricing of its follow-on offering of 4,320,988 shares of its common stock in an underwritten public offering at a price to the public of $81.00 per share. Freshpet has also granted the underwriters a 30-day option to purchase up to 648,148 additional shares of its common stock.

The offering is expected to close on May 6, 2022, subject to customary closing conditions.

BofA Securities, Jefferies and Truist Securities are acting as lead book-running managers for the offering. Baird, Cowen, Credit Suisse, Stifel and William Blair are also acting as book-running 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; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, or by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; 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:
ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com

FAQ

What is the price of Freshpet's current stock offering?

Freshpet's follow-on offering is priced at $81.00 per share.

How many shares are included in the Freshpet offering?

The offering includes 4,320,988 shares, with a 30-day option for underwriters to purchase an additional 648,148 shares.

When is Freshpet's offering expected to close?

The offering is expected to close on May 6, 2022.

Who is managing Freshpet's stock offering?

BofA Securities, Jefferies, and Truist Securities are lead managers for the offering.

What is the purpose of Freshpet's stock offering?

The offering aims to raise funds for operational enhancements and growth initiatives.