Global-e Announces Launch of Secondary Offering of Shares

Rhea-AI Summary

On September 7, 2021, Global-e Online Ltd. (Nasdaq: GLBE) announced a secondary offering of 12,000,000 ordinary shares by certain shareholders. The underwriters, including Goldman Sachs, Morgan Stanley, Jefferies, and BofA Securities, have a 30-day option to purchase an additional 1,800,000 shares. Global-e will not benefit financially from this offering, as the proceeds will go entirely to the selling shareholders. A registration statement has been filed with the SEC but is not yet effective, meaning the shares cannot be sold before it becomes effective.

Positive

• Global-e is a leading platform for cross-border e-commerce, enhancing its market position.
• The offering could attract institutional interest, boosting liquidity for existing shareholders.

Negative

• Global-e will not receive any proceeds from the offering, limiting its financial flexibility.

PETAH-TIKVA, Israel, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) (the “Company” or "Global-e"), the world's leading platform to enable and accelerate global, direct-to-consumer cross-border e-commerce, today announced that certain of its shareholders (the “Selling Shareholders”) intend to offer for sale in an underwritten secondary offering 12,000,000 of the Company’s ordinary shares (the “Offering”). In addition, the Selling Shareholders expect to grant the underwriters a 30-day option to purchase up to an additional 1,800,000 ordinary shares at the public offering price, less underwriting discounts. The Selling Shareholders will receive all of the proceeds from the offering. Global-e is not selling any of its ordinary shares in the Offering and will not receive any proceeds from the Offering, including from any exercise by the underwriters of their option to purchase additional ordinary shares.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Jefferies LLC and BofA Securities, Inc. are serving as lead book-running 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 the proposed offering may be obtained from any of the following sources:

• Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attn: Prospectus Department, via telephone: 1-866-471-2526 or via email at prospectus-ny@gs.com;
• Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department;
• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022; by phone at (877) 821-7388; or by e-mail at Prospectus_Department@Jefferies.com;
• BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or via email at dg.prospectus_requests@bofa.com.

A registration statement on Form F-1 relating to these securities has been filed with the SEC 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 when 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.

About Global-e
Global-e is the world's leading platform to enable and accelerate global, direct-to-consumer cross-border e-commerce. The chosen partner of more than 520 global brands and retailers across the United States, Europe and Asia, Global-e makes selling internationally as simple as selling domestically. Founded in 2013 by Amir Schlachet, Shahar Tamari and Nir Debbi, the company enables e-commerce retailers to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e's end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast cross-border experience, enabling international shoppers to buy seamlessly online and retailers to sell from, and to, anywhere in the world.

Press Contact:
Headline Media
Garrett Krivicich
Globale@headline.media
+1 786 233 7684

Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
IR@global-e.com
+1 617-542-6180

FAQ

What is the significance of the recent offering for Global-e Online Ltd. (GLBE)?

The recent offering allows shareholders to liquidate their holdings, impacting stock availability without benefiting Global-e financially.

How many shares are being offered in the secondary offering by Global-e (GLBE)?

Global-e is offering 12,000,000 ordinary shares, with an option for underwriters to purchase an additional 1,800,000 shares.

Who are the underwriters for Global-e's (GLBE) secondary offering?

Goldman Sachs, Morgan Stanley, Jefferies, and BofA Securities are serving as underwriters for the offering.

Will Global-e Online Ltd. (GLBE) receive any proceeds from the secondary offering?

No, Global-e will not receive any proceeds from the offering as it is solely for the selling shareholders.