Upstart Announces Follow-on Offering
Upstart Holdings, Inc. (Nasdaq: UPST) has announced a follow-on offering of 2,000,000 shares of its common stock, all offered by the company. Additionally, underwriters have a 30-day option to purchase up to 300,000 more shares. The proceeds from this offering will be used for general corporate purposes. Major financial institutions such as Goldman Sachs, BofA Securities, and Citigroup are managing the deal. This announcement does not constitute an offer to sell or a solicitation to buy securities in jurisdictions where such actions would be unlawful.
- Follow-on offering of 2,000,000 shares may enhance liquidity.
- Underwriters have an option for an additional 300,000 shares, indicating strong demand.
- Dilution of existing shares may impact shareholder value.
Upstart Holdings, Inc. (Nasdaq: UPST) announced today a follow-on offering of 2,000,000 shares of its common stock, all of which are being offered by the company. In addition, Upstart has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock.
Upstart intends to use the net proceeds from this offering for general corporate purposes.
Goldman Sachs & Co. LLC, BofA Securities and Citigroup are acting as lead book-running managers for this offering. Jefferies and Barclays are also acting as book-running managers. JMP Securities and Piper Sandler are acting as co-managers for this offering.
This offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, by telephone at (800) 299-1322 or by e-mail at dg.prospectus_requests@bofa.com, 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, 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.
About Upstart
Upstart is a leading AI lending platform partnering with banks to expand access to affordable credit.
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