GrowGeneration Announces Pricing of $150 Million Upsized Public Offering of Common Stock
DENVER, Dec. 9, 2020 /PRNewswire/ – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”) today announced the pricing of an underwritten public offering of 5,000,000 shares of its common stock at an offering price of $30.00 per share (the “Offering”). GrowGen expects the gross proceeds from the Offering to be approximately $150 million, before deducting the underwriting discount and other estimated offering expenses. The Offering was upsized from the previously announced offering size of $125 million of common stock. GrowGen has also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock offered in the public market. The Company expects to close the Offering on or about December 11, 2020, subject to the satisfaction of customary closing conditions.
Oppenheimer & Co. and Stifel are acting as joint book-running managers for the proposed offering. Craig-Hallum Capital Group LLC, Ladenburg Thalmann & Co. Inc., Lake Street Capital Markets, LLC, are acting as co-managers for the proposed offering.
GrowGen intends to use the net proceeds from the Offering primarily to expand its network of hydroponic/garden centers through organic growth and acquisitions, for general corporate purposes and pursuing strategic opportunities which may be presented to the Company from time to time.
The securities described above are being offered by GrowGen pursuant to an automatic “shelf” registration statement on Form S-3 (File No. 333-251174) previously filed with the Securities and Exchange Commission (the “SEC”) on December 7, 2020, which became automatically effective upon filing. The securities may be offered only by means of a prospectus. The preliminary prospectus supplement and the accompanying prospectus relating to and describing the offering were filed with the SEC on December 7, 2020. The final prospectus supplement And accompanying