Privia Health Announces Secondary Offering

Rhea-AI Summary

Privia Health Group, Inc. (Nasdaq: PRVA) announced a public offering of 6,000,000 shares of common stock by certain selling stockholders, with a 30-day option for underwriters to purchase an additional 900,000 shares. The company will not receive any proceeds from this offering, as costs will be borne by the selling stockholders. Goldman Sachs & Co. LLC and J.P. Morgan are leading the offering. A registration statement has been filed but is not yet effective, and the offering is subject to numerous conditions outside Privia's control.

Positive

• None.

Negative

• The company will not receive any proceeds from the stock offering, which may signal that selling stockholders want to divest without providing immediate capital to the company.
• The offering is contingent upon the registration statement becoming effective, posing uncertainties about completion.

ARLINGTON, Va., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA, or “Privia Health” or the “Company”), a technology-driven, national physician enablement company that collaborates with medical groups, health plans and health systems, today announced the commencement of an underwritten public offering of 6,000,000 shares of common stock by certain selling stockholders. Such selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 900,000 shares of the Company’s common stock.

The Company will not receive any of the proceeds from the sale of the shares of its common stock being offered by the selling stockholders, and the selling stockholders will bear the costs associated with the sale of such shares, including underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead book-running managers for the proposed offering of common stock and as representatives of the underwriters for the proposed offering. Credit Suisse, William Blair and Piper Sandler are also acting as active book-running managers. Canaccord Genuity, SVB Leerink and Truist Securities are also acting as book-running managers for the proposed offering.

The proposed offering of common stock will be made only by means of a prospectus. A copy of the preliminary prospectus may be obtained from (i) Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com; or (ii) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: 1-866-803-9204, or via email: prospectus-eq_fi@jpmchase.com.

A registration statement relating to the offering of common stock has been filed with the Securities and Exchange Commission but has not yet become effective. The shares of common stock may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Privia Health

Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. Our platform is led by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end, cloud-based technology that reduces unnecessary healthcare costs, achieves better outcomes, and improves the health of patients and the well-being of providers.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Privia Health, including those set forth in the Risk Factors section of the registration statement and the preliminary prospectus included therein. Copies are available on the SEC’s website at www.sec.gov. Privia Health undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact:
Robert Borchert
SVP, Investor & Corporate Communications
IR@priviahealth.com
priviapress@priviahealth.com
817.783.4841

FAQ

What is the purpose of the offering by Privia Health (PRVA)?

Privia Health is conducting a public offering of shares by certain selling stockholders to allow them to divest their holdings.

How many shares are being offered in Privia Health's (PRVA) stock offering?

Privia Health is offering 6,000,000 shares, with an option for underwriters to purchase an additional 900,000 shares.

Will Privia Health (PRVA) receive any funds from the offering?

No, Privia Health will not receive any proceeds from the sale of shares, as the costs will be borne by the selling stockholders.

Who are the underwriters for Privia Health's (PRVA) stock offering?

Goldman Sachs & Co. LLC and J.P. Morgan are the joint lead book-running managers for the offering.

Is the registration statement for Privia Health's (PRVA) offering effective?

No, the registration statement has been filed but has not yet become effective, which means shares cannot be sold until it is.