Vertex Announces Pricing of Public Offering of Class A Common Stock by Selling Stockholder

Rhea-AI Summary

Vertex, Inc. (NASDAQ:VERX) has announced the pricing of a public offering of 1,500,000 shares of its Class A common stock by Jeffrey R. Westphal at $15.15 per share, with the offering expected to close on November 22, 2022. Vertex will not receive any proceeds from this sale. Goldman Sachs & Co. LLC is the sole underwriter. The offering is made under a shelf registration effective since July 25, 2022, with a final prospectus to be filed with the SEC.

Positive

• The underwritten offering may increase liquidity for existing shareholders.
• The offering price of $15.15 may indicate confidence in Vertex's current valuation.

Negative

• Vertex will not receive any proceeds from the share sale, which limits immediate financial benefits.
• Issuing new shares may lead to shareholder dilution.

KING OF PRUSSIA, Pa., Nov. 17, 2022 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, announced today the pricing of an underwritten offering of 1,500,000 shares of its Class A common stock by Jeffrey R. Westphal at a price to the public of $15.15 per share. The offering is expected to close on November 22, 2022, subject to the satisfaction of customary closing conditions. Vertex will not receive any of the proceeds from the sale of shares in the offering. Goldman Sachs & Co. LLC is serving as the sole underwriter for the offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (“SEC”) on July 15, 2022, and was declared effective by the SEC on July 25, 2022. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov. The offering of Class A common stock is being made only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus relating to and describing the final terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov or may be obtained, when available, from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone at 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.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, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

All statements in this press release other than historical facts are forward-looking statements, which rely on a number of assumptions concerning future events, including whether or not the proposed offering will be consummated. Such statements are also subject to a number of uncertainties and factors outside Vertex’s control. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions and changes in government policies, laws, regulations and practices. Should any assumptions or these other uncertainties and factors materialize in ways that Vertex did not expect, actual results could differ materially from the forward-looking statements in this press release. While Vertex believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, recipients should bear in mind that such assumptions are inherently uncertain. You are cautioned not to place undue reliance on such forward-looking statements or other information in this press release.

The forward-looking statements in this release reflect Vertex’s expectations as of November 17, 2022. Except as required by applicable law, Vertex undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in its expectations.

About Vertex

Vertex, Inc. is a leading global provider of indirect tax solutions. The Company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,400 professionals and serves companies across the globe.

Investor Relations Contact:
Joe Crivelli
Vertex, Inc.
ir@vertexinc.com

Media Contact:
Rachel Litcofsky
Vertex, Inc.
mediainquiries@vertexinc.com

FAQ

What is the share price for Vertex's recent offering?

Vertex's recent offering is priced at $15.15 per share.

Who is the underwriter for Vertex's stock offering?

Goldman Sachs & Co. LLC is serving as the sole underwriter for the offering.

When is the expected closing date for the Vertex stock offering?

The offering is expected to close on November 22, 2022.

Will Vertex receive proceeds from the recent stock offering?

No, Vertex will not receive any proceeds from the sale of shares in this offering.

What is the stock symbol for Vertex?

The stock symbol for Vertex is VERX.