Hydrofarm Holdings Group Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to...
04 May 2021 - 6:29AM
Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”)
(Nasdaq: HYFM), a leading independent distributor and manufacturer
of hydroponics equipment and supplies for controlled environment
agriculture, today announced the closing of the Company’s
previously announced underwritten upsized public offering of
5,526,861 shares of its common stock at a public offering price of
$59.00 per share, including 720,894 shares issued pursuant to the
full exercise by the underwriters of their option to purchase
additional shares of common stock. The net proceeds to the Company
from this offering, after deducting the underwriting discounts and
commissions and offering expenses payable by the Company, were
approximately $309.8 million.
J.P. Morgan and Stifel acted as lead
book-running managers for the offering. Deutsche Bank Securities,
Truist Securities and William Blair acted as book-running managers
for the offering.
A registration statement relating to the sale of
these securities was declared effective by the Securities and
Exchange Commission (“SEC”) on April 28, 2021 and is available on
the SEC's website located at www.sec.gov. The offering was made
only by means of a prospectus. A copy of the final prospectus
relating to the offering may be obtained from: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, by email at
prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; or
Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus
Department, One Montgomery Street, Suite 3700, San Francisco, CA
94104 or by telephone at (415) 364-2720 or by email at
syndprospectus@stifel.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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 Hydrofarm
Hydrofarm is a leading independent distributor
and manufacturer of hydroponics equipment and supplies for
controlled environment agriculture, including grow lights, climate
control solutions, growing media and nutrients, as well as a broad
portfolio of innovative and proprietary branded products. For over
40 years, Hydrofarm has helped growers make growing easier and more
productive. The Company’s mission is to empower growers, farmers
and cultivators with products that enable greater quality,
efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the current beliefs and
expectations of management. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Although Hydrofarm believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties
that may cause Hydrofarm’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including, without limitation, risks and uncertainties
related to market conditions and the risks and uncertainties
described under the heading “Risk Factors” in documents Hydrofarm
files from time to time with the SEC, including Hydrofarm’s Annual
Report on Form 10-K filed with the SEC on March 30, 2021, the
prospectus for this offering filed with the SEC on April 30, 2021,
and its future periodic reports to be filed with the SEC. These
forward-looking statements speak only as of the date of this press
release, and Hydrofarm undertakes no obligation to revise or update
any forward-looking statements to reflect events or circumstances
after the date hereof.
Contacts:
Investor ContactFitzhugh Taylor
/ ICRir@hydrofarm.com
Media ContactThe LAKPR
GroupHannah Arnold, 202-559-9171, harnold@lakpr.comLynn Trono,
323-672-8226, ltrono@lakpr.com-or-HydrofarmLisa Gallagher,
513-505-2334, lgallagher@hydrofarm.com
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