European Wax Center Raises $62M Via Equity Offering

European Wax Center Inc EWCZ announced the pricing of a public offering of 5.2 million shares of its Class A common stock at $26.25 a share.
The offering price represents a 2.2% discount on the company's last close on November 10, 2021.
The offering includes 2.9 million shares of Class A common stock offered by certain selling stockholders affiliated with General Atlantic L.P.
The underwriters will have a 30-day option to purchase up to an additional 782,546 shares of Class A common stock.
The offering is expected to close on November 15, 2021.
EWC intends to use the net proceeds to purchase an equivalent number of non-voting common units in EWC Ventures, LLC and corresponding shares of the company's Class B common stock.
Morgan Stanley, BofA Securities, and Jefferies are acting as the joint book-running managers and underwriters for the offering.
Price Action: EWCZ shares closed lower by 4.99% at $26.83 on Wednesday.