Upstart Announces Pricing of Follow-on Offering

Rhea-AI Summary

Upstart Holdings, Inc. (Nasdaq: UPST) has announced a follow-on offering of its common stock priced at $120.00 per share, totaling 2,000,000 shares. The underwriters have a 30-day option to purchase an additional 300,000 shares. The offering is expected to close on April 13, 2021, pending customary closing conditions. Proceeds will be used for general corporate purposes. Major underwriters include Goldman Sachs, BofA Securities, and Citigroup. The registration statement was effective on April 8, 2021.

Positive

• Follow-on offering priced at $120.00 per share which may strengthen liquidity.
• The offering includes an option for underwriters to purchase an additional 300,000 shares, indicating strong interest.

Negative

• None.

Upstart Holdings, Inc. (Nasdaq: UPST) announced today the pricing of its follow-on offering of its common stock at a price to the public of $120.00 per share. Upstart is offering 2,000,000 shares of its common stock. In addition, Upstart has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock at the public offering price less underwriting discounts. The offering is expected to close on April 13, 2021, subject to customary closing conditions.

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.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on April 8, 2021. This offering is being 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005997/en/

FAQ

What is Upstart's stock offering price per share?

Upstart's follow-on offering is priced at $120.00 per share.

How many shares is Upstart offering in its follow-on offering?

Upstart is offering 2,000,000 shares of its common stock.

What will Upstart use the proceeds from the stock offering for?

Upstart intends to use the net proceeds for general corporate purposes.

When is the expected closing date for Upstart's offering?

The offering is expected to close on April 13, 2021.

Which companies are the lead underwriters for Upstart's offering?

Goldman Sachs, BofA Securities, and Citigroup are the lead underwriters.