Gates Announces Pricing of Secondary Offering of 25,000,000 Ordinary Shares
Gates Industrial Corporation plc (NYSE: GTES) has priced a secondary offering of 25,000,000 ordinary shares at $16.00 per share, facilitated by selling stockholders linked to The Blackstone Group. An additional 3,750,000 shares may be purchased by underwriters within 30 days. The offering is set to close on August 16, 2021. Gates will not receive proceeds from this sale as it does not offer any shares. The offering is conducted under an effective shelf registration statement, with Citigroup and Evercore ISI leading the underwriting process.
- Successful secondary offering of 25 million shares at $16.00 per share increases liquidity.
- Underwriters provided a 30-day option for additional shares, indicating market interest.
- Gates will not receive any proceeds from the secondary offering, limiting potential capital for growth.
DENVER, Aug. 11, 2021 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES, "Gates") announced today the pricing of the previously announced secondary offering of 25,000,000 ordinary shares at a price to the public of
Gates is not offering any ordinary shares in the offering and will not receive any proceeds from the sale of ordinary shares in this offering. Citigroup and Evercore ISI are serving as the joint lead book-running managers of, and as representatives of the underwriters for, the offering. Baird, Barclays, Credit Suisse, Goldman Sachs & Co. LLC, Morgan Stanley, RBC Capital Markets and UBS Investment Bank are also serving as book-running managers of the offering. Wolfe | Nomura Strategic Alliance, Guggenheim Securities, KeyBanc Capital Markets, Wells Fargo Securities, Academy Securities and Siebert Williams Shank are serving as co-managers of the offering.
The offering of these securities is being made pursuant to an effective shelf registration statement. The offering will be made only by means of a prospectus. A copy of the prospectus relating to these securities may be obtained, when available, from: Citigroup, Attn: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055 (Tel: 888-474-0200) or by email at ecm.prospectus@evercore.com.
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 ("first-fit") manufacturers 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 such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in 128 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
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 January 2, 2021, as filed with the Securities and Exchange Commission (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.
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SOURCE Gates Industrial Corporation plc
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