Rover Announces Launch of Secondary Offering
On November 16, 2021, Rover Group, Inc. (NASDAQ: ROVR) announced a secondary public offering of 11,000,000 shares of its Class A common stock by stockholders connected to its earlier merger. The offering allows selling stockholders to resell shares with a 30-day option for underwriters to purchase an additional 1,650,000 shares. Rover will not benefit financially from this offering as proceeds go to the selling stockholders. The registration statement for the offering has been filed with the SEC but is not yet effective, meaning the shares cannot be sold until it is.
- None.
- Rover will not receive any proceeds from the secondary offering, limiting its financial resources.
- The need for a secondary public offering may indicate a dilution of existing shareholder value.
SEATTLE, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Rover Group, Inc. (“Rover”) (NASDAQ: ROVR), the world’s largest online marketplace for pet care, today announced that it has commenced a secondary public offering of its Class A common stock pursuant to a registration statement on Form S-1 filed previously with the U.S. Securities and Exchange Commission (the “SEC”). 11,000,000 shares of Class A common stock will be offered by stockholders of Rover that were investors in A Place for Rover, Inc. prior to its merger with Nebula Caravel Acquisition Corp. and are subject to restrictions on the resale of the shares they acquired in connection with the merger. In addition, the underwriters of the offering will have a 30-day option to purchase up to an additional 1,650,000 shares of Class A common stock from certain of the selling stockholders. Rover will not receive any proceeds from the sale of the shares by the selling stockholders.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will act as lead bookrunners and, Stifel, Nicolaus & Company, Incorporated, William Blair & Company, L.L.C. and Canaccord Genuity LLC will act as co-managers for the proposed offering.
The proposed offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained, when available, 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.
A registration statement relating to the proposed sale of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 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
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