Sovos shareholders launch secondary public offering
Shareholders of Sovos Brands Inc. (Nasdaq: SOVO), a food-branding company that owns Noosa Yoghurt, Birch Benders waffle mix, Rao’s Homemade Sauce and Michael Angelo’s frozen Italian meals, plan to sell 8.5 million ‘ordinary actions.
Underwriters in the secondary public offering have the option to sell an additional 1,275,000 shares, according to a U.S. Securities and Exchange Commission filing.
“The selling shareholders will receive all of the proceeds from the sale of our common stock under this offering,” the company said in its statement. “We will not receive any proceeds from the sale of common stock by selling shareholders.”
Sovos, according to the SEC filing, has “agreed to pay certain expenses related to this offer, which we estimate to be approximately $1.8 million.”
JP Morgan and Goldman Sachs are acting as co-lead bookkeepers for the proposed offering.
Sovos, which moved its headquarters to Boulder County from California last year, began trading publicly in September 2021 after an initial public offering that valued the company as a unicorn, or worth at least $1 billion.
Sovos stock traded at $15.28 on Tuesday, down 4.56% on the day.
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