GATES ANNOUNCES PRICING OF SECONDARY OFFERING OF 17,500,000 ORDINARY SHARES
On May 16, 2024, Gates Industrial (NYSE: GTES) announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc. The sellers have also provided underwriters a 30-day option to purchase an additional 2,625,000 shares. The shares may be sold through various transactions, including on the NYSE and over-the-counter markets, at prevailing market prices or negotiated prices. The offering is expected to close on May 21, 2024, subject to customary conditions. Gates will not receive any proceeds from the offering. Citigroup, Goldman Sachs & Co. , and Jefferies are the joint lead managers. Further details and documents can be accessed through the SEC website.
- Gates is not issuing new shares, avoiding dilution of existing shareholders' equity.
- The involvement of prominent underwriters like Citigroup, Goldman Sachs, and Jefferies adds credibility to the offering.
- The option for underwriters to purchase additional shares could indicate confidence in strong demand.
- Gates will not receive any proceeds from the secondary offering, which limits immediate financial benefits for the company.
- The large volume of shares being sold could potentially increase supply and put downward pressure on GTES stock price.
- Increased market activity might cause stock volatility which could affect existing shareholders.
Gates is not offering any ordinary shares in the Offering and will not receive any proceeds from the sale of ordinary shares in the Offering. Citigroup, Goldman Sachs & Co. LLC, and Jefferies are serving as the joint lead book-running managers of, and as representatives of the underwriters for, the Offering. Barclays, UBS Investment Bank, BMO Capital Markets, BTIG, Evercore ISI, Mizuho, PJT Partners, RBC Capital Markets and Santander are also serving as joint book-running managers for the Offering.
The Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the Offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the Offering will arrange to send you the prospectus if you request it by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
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 Gates:
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers ("first-fit") as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries to everyday consumer applications including virtually every form of transportation. Our products are sold in over 130 countries across our four commercial regions: the
Forward‐Looking Statements and Information:
This press release contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements that are not historical facts. In some cases you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Forward-looking statements are based on the Company's current expectations and actual results may differ materially. Other risks and uncertainties are more fully described in the section entitled "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2023, as filed with the SEC, as such factors may be updated from time to time in the Company's periodic filings with the SEC. Investors are urged to consider carefully the disclosure in our filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Gates undertakes no obligation to update or supplement any forward-looking statements as a result of new information, future events or otherwise, except as required by law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/gates-announces-pricing-of-secondary-offering-of-17-500-000-ordinary-shares-302147703.html
SOURCE Gates Industrial Corporation plc
FAQ
What is the date of the Gates secondary offering announcement?
How many shares are being sold in the Gates secondary offering?
Will Gates receive any proceeds from the secondary offering?
Who are the joint lead managers for the Gates secondary offering?
What is the expected closing date of the Gates secondary offering?
