Intuit Announces Pricing of Secondary Offering of 1,548,700 Shares of Common Stock
30 November 2021 - 2:02PM
Business Wire
Intuit (the “Company”) (Nasdaq: INTU), the global technology
platform that makes TurboTax, QuickBooks, Mint, Credit Karma and
Mailchimp, announced today the pricing of an underwritten secondary
offering by certain entities affiliated with Dan Kurzius,
co-founder of Mailchimp (the “Selling Stockholder”) of 1,548,700
shares of the Company’s common stock at a public offering price of
$668.95 per share. The shares are expected to be delivered on or
about December 1, 2021, subject to customary closing
conditions.
The 1,548,700 shares, which represent approximately 15.3% of the
shares issued by the Company as partial consideration for the
Company’s acquisition of The Rocket Science Group LLC (d/b/a
Mailchimp), are being sold in order to satisfy certain tax
obligations and for estate planning purposes. The Selling
Stockholder will receive all of the net proceeds from the offering.
The Company is not selling any shares of common stock in the
offering and will not receive any proceeds from the offering.
Goldman Sachs & Co. LLC is acting as sole book-running
manager for the offering.
The offering is being made pursuant to a shelf registration
statement on Form S-3, including a base prospectus, that was filed
by Intuit with the Securities and Exchange Commission (the “SEC”)
and was automatically effective upon filing on June 23, 2020. A
preliminary prospectus supplement and accompanying prospectus
relating to and describing the terms of the offering were filed
with the SEC and are available on the SEC’s website located at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to the securities being offered
may also be obtained, when available, from Goldman Sachs & Co.
LLC, Attention: Prospectus Department, 200 West Street, New York,
NY 10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com.
This press release shall 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 Intuit
Intuit is the global technology platform that helps consumers
and small businesses overcome their most important financial
challenges. Serving more than 100 million customers worldwide with
TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, we believe
that everyone should have the opportunity to prosper. We never stop
working to find new, innovative ways to make that possible.
Cautions About Forward-looking Statements
This press release contains forward-looking statements,
including forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include, but are not limited to,
statements concerning the proposed offering and Intuit’s plans,
objectives, expectations and intentions and other statements that
are not historical or current fact. Forward-looking statements are
based on Intuit’s current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause Intuit’s results to differ materially from
current expectations include, but are not limited to, Intuit’s
ability to compete successfully; potential governmental
encroachment in Intuit’s tax businesses; Intuit’s ability to adapt
to technological change; Intuit’s ability to predict consumer
behavior; Intuit’s reliance on third-party intellectual property;
Intuit’s ability to protect Intuit’s intellectual property rights;
any harm to Intuit’s reputation; risks associated with acquisition
and divestiture activity, such as Intuit’s acquisition of
Mailchimp; the issuance of equity or incurrence of debt to fund an
acquisition; any cybersecurity incidents that may affect Intuit
(including those affecting the third parties Intuit relies on);
customer concerns about privacy and cybersecurity incidents;
fraudulent activities by third parties using Intuit’s offerings;
Intuit’s failure to process transactions effectively; interruption
or failure of Intuit’s information technology; Intuit’s ability to
maintain critical third-party business relationships; Intuit’s
ability to attract and retain talent; any deficiency in the quality
or accuracy of Intuit’s products (including the advice given by
experts on Intuit’s platform); any delays in product launches;
difficulties in processing or filing customer tax submissions;
risks associated with international operations; changes to public
policy, laws or regulations affecting Intuit’s businesses;
litigation in which Intuit is involved; the seasonal nature of
Intuit’s tax business; changes in tax rates and tax reform
legislation; global economic changes; exposure to credit,
counterparty or other risks in providing capital to businesses;
amortization of acquired intangible assets and impairment charges;
Intuit’s ability to repay or otherwise comply with the terms of
Intuit’s outstanding debt; Intuit’s ability to repurchase shares or
distribute dividends; volatility of Intuit’s stock price; and
Intuit’s ability to successfully market its offerings. More details
about these and other risks that may impact Intuit’s business are
included in its Form 10-K for fiscal 2021, as updated by its
subsequent Quarterly Reports on Form 10-Q under the caption “Risk
Factors,” as well as the other risks discussed in Intuit’s filings
with the SEC. In addition, these statements are based on
assumptions that are subject to change. This press release speaks
only as of the date hereof. Intuit disclaims any duty to update the
information herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005801/en/
Investors Kim Watkins Intuit Inc. 650-944-3324
kim_watkins@intuit.com
Media Jeff Davis Intuit Inc. 480-252-1665
jeff_davis@intuit.com
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