NETGEAR, Inc. (NASDAQ: NTGR) and Arlo Technologies, Inc. (NYSE:
ARLO) (“Arlo”), today announced the closing of Arlo’s initial
public offering (“IPO”) of 11,747,250 shares of Arlo’s common stock
at a price to the public of $16.00 per share, which included the
underwriters’ full exercise of their option to purchase 1,532,250
shares to cover over-allotments. The shares began trading on the
New York Stock Exchange under the symbol "ARLO" on August 3, 2018.
Upon the closing of the IPO, NETGEAR owned
approximately 84.2% of the shares of Arlo’s outstanding common
stock. This is based on 74,247,250 shares of Arlo's common stock
outstanding following the IPO.
BofA Merrill Lynch, Deutsche Bank Securities and
Guggenheim Securities acted as lead book-running managers for the
offering. Raymond James, Cowen and Imperial Capital acted as joint
book-running managers for the offering.
The offering was made only by means of a
prospectus. A copy of the final prospectus related to the offering
may be obtained from BofA Merrill Lynch, 200 North College Street,
3rd Floor, Charlotte NC 28255-0001, Attn: Prospectus
Department or by e-mailing: dg.prospectus_requests@baml.com;
from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall
Street, New York, NY 10005 or by telephone at 800-503-4611 or by
e-mailing: prospectus.CPDG@db.com; or from Guggenheim
Securities, LLC, Attn: Equity Syndicate Department, 330 Madison,
8th Floor, New York, NY 10017, or by telephone at (212) 518-9658,
or by email
to GSEquityProspectusDelivery@guggenheimpartners.com.
A registration statement relating to these
securities has been filed with, and declared effective by, the U.S.
Securities and Exchange Commission. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About NETGEAR, Inc.
NETGEAR (NASDAQ: NTGR) is a global networking company that
delivers innovative products to consumers, businesses and service
providers. NETGEAR's products are built on a variety of proven
technologies such as wireless (WiFi and LTE), Ethernet and
powerline, with a focus on reliability and ease-of-use. The product
line consists of wired and wireless devices that enable networking,
broadband access and network connectivity. These products are
available in multiple configurations to address the needs of the
end-users in each geographic region in which NETGEAR's products are
sold. NETGEAR products are sold in approximately 27,000 retail
locations around the globe, and through approximately 23,000
value-added resellers, as well as multiple major cable, mobile and
wireline service providers around the world. NETGEAR's headquarters
are in San Jose, Calif., with additional offices in approximately
25 countries.
About Arlo Technologies,
Inc.
Arlo (NYSE: ARLO) is the award-winning, industry
leader that is transforming the way people experience the connected
lifestyle. Arlo’s deep expertise in product design, wireless
connectivity, cloud infrastructure and cutting-edge AI capabilities
focuses on delivering a seamless, smart home experience for Arlo
users that is easy to setup and interact with every day. Arlo’s
cloud-based platform provides users with visibility, insight and a
powerful means to help protect and connect in real-time with the
people and things that matter most, from any location with a Wi-Fi
or a cellular connection. To date, Arlo has launched several
categories of award-winning smart connected devices, including
wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby
monitors and smart security lights.
©2018 NETGEAR, Inc., NETGEAR and the NETGEAR
logo are trademarks and/or registered trademarks of NETGEAR, Inc.
and certain of its affiliates in the United States and/or other
countries. Arlo Technologies, Inc., Arlo and the Arlo logo
are trademarks and/or registered trademarks of Arlo Technologies,
Inc. and/or certain of its affiliates in the United States and/or
other countries. Other brand and product names are for
identification purposes only and may be trademarks or registered
trademarks of their respective holder(s). The information contained
herein is subject to change without notice. Neither NETGEAR nor
Arlo shall be liable for technical or editorial errors or omissions
contained herein. All rights reserved.
Cautionary Statement Regarding
Forward-Looking Statements:
Statements in this press release contain
forward-looking statements that are subject to substantial risks
and uncertainties. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. The words “anticipate,” “expect,” “believe,” “will,”
“may,” “should,” “estimate,” “project,” “outlook,” “forecast” or
other similar words are used to identify such forward-looking
statements. However, the absence of these words does not mean that
the statements are not forward-looking. The forward-looking
statements represent NETGEAR’s or Arlo’s expectations or beliefs
concerning future events based on information available at the time
such statements were made and include statements regarding the
initial public offering of Arlo. These statements are based on
management’s current expectations and are subject to certain risks
and uncertainties, including, among others, market conditions,
unforeseen regulatory issues and the failure to satisfy any of the
conditions to such transaction that may cause results to differ
materially from the statements set forth in this press release.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements.
Further information on potential risk factors that could affect
NETGEAR and Arlo and their respective businesses are detailed in
NETGEAR’s and Arlo’s filings with the U.S. Securities and Exchange
Commission. Given these circumstances, you should not place undue
reliance on these forward-looking statements. NETGEAR and Arlo
undertake no obligation to release publicly any revisions to any
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Media
Relations:press@arlo.com949-438-1088
Investors:NETGEAR Investor
RelationsnetgearIR@netgear.com Arlo Investor
Relationsinvestors@arlo.com
Source: NETGEAR-FSource: Arlo-F
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