Rover Announces Closing of Follow-On Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Rover Group, Inc. (NASDAQ: ROVR) has completed a public offering of 6,900,000 shares of its Class A common stock at $10.00 per share. This includes the exercise of an underwriters’ option to purchase an additional 900,000 shares. The offering was conducted by selling stockholders, meaning Rover will not receive any proceeds. The offering was managed by Morgan Stanley, Goldman Sachs, and J.P. Morgan. The registration statement was declared effective on November 18, 2021. The prospectus can be obtained from the lead underwriters.

Positive

• The offering of 6,900,000 shares at $10.00 indicates strong demand for Rover's stock.
• The involvement of well-known underwriters like Morgan Stanley and Goldman Sachs enhances credibility.

Negative

• Rover does not receive any proceeds from the offering, which limits its capacity for capital growth.
• Selling by existing stockholders may signal a lack of confidence in future stock performance.

SEATTLE, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Rover Group, Inc. (“Rover”) (NASDAQ: ROVR), the world’s largest online marketplace for pet care, today announced the closing of its previously announced underwritten public offering of 6,900,000 shares of its Class A common stock by certain selling stockholders at a price to the public of $10.00 per share, which includes the full exercise of the underwriters’ option to purchase 900,000 shares of Rover’s Class A common stock from certain of the selling stockholders. Rover will not receive any proceeds from any sales of shares by the selling stockholders.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as lead bookrunners and Stifel, Nicolaus & Company, Incorporated, William Blair & Company, L.L.C. and Canaccord Genuity LLC acted as co-managers for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on November 18, 2021. The offering was made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.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.

Media:
Kristin Sandberg
pr@rover.com  
(360) 510-6365

Investor Relations:
Brinlea Johnson
brinlea@blueshirtgroup.com
(415) 269-2645

FAQ

What was the price of Rover's recent stock offering?

Rover's stock offering was priced at $10.00 per share.

How many shares were offered in Rover's public offering?

A total of 6,900,000 shares of Class A common stock were offered.

Did Rover receive any proceeds from the share offering?

No, Rover will not receive any proceeds from the sale of shares as they were sold by existing stockholders.

Who were the underwriters for Rover's stock offering?

Morgan Stanley, Goldman Sachs, and J.P. Morgan acted as lead underwriters.

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

The registration statement was declared effective on November 18, 2021.