MediaAlpha Announces Closing of Secondary Offering

Rhea-AI Summary

MediaAlpha announced the closing of a secondary offering of 8,050,000 shares of its Class A common stock at $46.00 per share, with 1,050,000 shares sold under an underwriter's option. MediaAlpha did not sell any shares or receive proceeds from this offering. This transaction involved several financial institutions, including J.P. Morgan and Citigroup, as joint bookrunners. The registration statement for these securities was effective as of March 18, 2021. The press release clarifies it is not an offer to sell or solicit buyers in jurisdictions where it would be unlawful.

Positive

• Successful completion of a secondary offering of 8,050,000 shares
• Strong support from reputable financial institutions as joint bookrunners

Negative

• MediaAlpha did not receive any proceeds from the offering
• The offering was solely by selling stockholders, which may indicate shareholder liquidity concerns

MediaAlpha, Inc. (“MediaAlpha”) today announced the closing of the secondary offering of 8,050,000 shares of its Class A common stock by certain selling stockholders (the “Selling Stockholders”) at a price of $46.00 per share (before discounts and commissions), which included 1,050,000 shares of Class A common stock sold pursuant to the option granted by the Selling Stockholders to the underwriters. MediaAlpha did not sell any shares of common stock and did not receive any proceeds from the offering.

J.P. Morgan, Citigroup, Credit Suisse, and RBC Capital Markets are acting as joint bookrunners. Canaccord Genuity and William Blair are acting as bookrunners. JMP Securities and Keefe, Bruyette & Woods are acting as co-managers.

A registration statement relating to the securities sold in the offering was declared effective by the Securities and Exchange Commission (“SEC”) on March 18, 2021. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the securities has been filed with the SEC and may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210323005884/en/

FAQ

What was the price of the MediaAlpha secondary offering?

The price of the MediaAlpha secondary offering was $46.00 per share.

How many shares were sold in the MediaAlpha secondary offering?

A total of 8,050,000 shares of Class A common stock were sold in the secondary offering.

Did MediaAlpha receive any proceeds from the secondary offering?

No, MediaAlpha did not receive any proceeds from the secondary offering.

Who acted as bookrunners for the MediaAlpha offering?

J.P. Morgan, Citigroup, Credit Suisse, and RBC Capital Markets acted as joint bookrunners.

When was the registration statement for MediaAlpha's offering declared effective?

The registration statement was declared effective by the SEC on March 18, 2021.