Arhaus Inc ARHS reported the pricing of previously announced underwritten public offering of 12 million shares by certain selling stockholders affiliated with Freeman Spogli & Co. at $10.00 per share.
The offer price represents an 18% discount to the company’s closing price as of August 15, 2023.
Shares nosedived yesterday after the company announced the offering.
The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares at the public offering price, less the underwriting discount.
Also Read: Arhaus May Be Under Pressure Near Term After Secondary Offering, Analyst Cautions
The selling shareholders will receive all of the proceeds from the offering and Arhaus will receive none. The offering is expected to close on or about August 21, 2023.
Arhaus is a lifestyle brand and omni-channel retailer of premium home furnishings.
Price Action: ARHS shares closed lower by 16.71% at $10.17 on Wednesday.
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