Privia Health Announces Secondary Offering

Rhea-AI Summary

Privia Health Group, Inc. (Nasdaq: PRVA) announced a public offering of 5,000,000 shares of common stock by certain selling stockholders, with an option for underwriters to buy an additional 750,000 shares. The Company will not receive any proceeds from this offering, as costs will be borne by the selling stockholders. Goldman Sachs is leading the offering, which is under an already effective shelf registration statement filed with the SEC. Forward-looking statements highlight uncertainties surrounding the completion of the offering.

Positive

• None.

Negative

• The Company will not benefit from the proceeds of the stock offering, which may limit growth opportunities.
• Potential dilution of shares may negatively impact existing shareholders' value.

ARLINGTON, Va., Nov. 15, 2022 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA, or “Privia Health” or the “Company”) today announced the commencement of an underwritten public offering of 5,000,000 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 750,000 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 is acting as lead book-running manager for the proposed offering of common stock and as representative of the underwriters for the proposed offering. Credit Suisse, Jefferies and William Blair are acting as active book-running managers. Canaccord Genuity and SVB Securities are acting as book-running managers. NCMG is acting as co-manager.

A shelf registration statement on Form S-3 (including a prospectus) relating to the securities being sold in the offering was deemed automatically effective upon filing with the Securities and Exchange Commission (the “SEC”) on November 15, 2022. The offering will be made only by means of a prospectus supplement and an accompanying prospectus. You may obtain these documents, including the preliminary prospectus supplement, for free by visiting EDGAR on the SEC website at www.sec.gov, or by contacting: 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.

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. Privia Health’s 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 public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Privia Health’s control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Those factors include, but are not limited to, the risk factors set forth in Privia Health’s filings with the SEC, including Privia Health’s most recently filed Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K, as the case may be. 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 P. Borchert
SVP, Investor & Corporate Communications
IR@priviahealth.com
priviapress@priviahealth.com
817.783.4841

FAQ

What is the purpose of Privia Health's public offering on November 15, 2022?

Privia Health announced a public offering of 5,000,000 shares, allowing selling stockholders to raise capital without the company receiving proceeds.

Who is managing Privia Health's public offering?

Goldman Sachs is the lead book-running manager for the offering of common stock.

Is Privia Health receiving any money from the stock offering?

No, Privia Health will not receive any proceeds from the sale of the shares offered by selling stockholders.

What is the total number of shares involved in Privia Health's stock offering?

The offering involves 5,000,000 shares, with an option for underwriters to purchase an additional 750,000 shares.

What risks are associated with Privia Health's public offering?

The offering is subject to risks and uncertainties that could materially impact the completion of the offering as announced.