CCC Intelligent Solutions Announces Pricing of Secondary Offering of 65 Million Shares of Common Stock, Including Concurrent Common Stock Repurchase
09 11월 2023 - 2:41PM
Business Wire
CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ:
CCCS) today announced the pricing of the previously announced
secondary offering of 65 million shares of the Company’s common
stock (the “Offering”) by affiliates of Advent International, L.P.
(the “Selling Stockholders”) at a price to the public of $10.50 per
share, which represents an increase of 15 million shares from the
previously announced size of the Offering. The Selling Stockholders
granted the underwriters a 30-day option to purchase up to an
additional 4,875,000 shares of the Company’s common stock. The
Offering is expected to close on or about November 13, 2023,
subject to the satisfaction of customary closing conditions. The
Offering consists entirely of shares of the Company’s common stock
to be sold by the Selling Stockholders, and the Company will not
receive any proceeds from the sale of the shares being offered by
the Selling Stockholders.
In connection with the Offering, the Company intends to purchase
from the Underwriters 32.5 million shares of the Company’s common
stock as part of the Offering at a price per share equal to the
price per share at which the underwriters purchase shares of the
Company’s common stock in the Offering (the “Concurrent
Repurchase”). The Company intends to fund the Concurrent Repurchase
with cash on hand.
J.P. Morgan, Morgan Stanley, Citigroup, Barclays, Goldman Sachs
& Co. LLC, BofA Securities, Evercore ISI, Piper Sandler,
William Blair, and Stifel are acting as joint book-running managers
for the Offering. Barrington Research and CJS Securities are acting
as co-managers. The Offering is being made pursuant to an effective
shelf registration statement on Form S-3 (Registration No.
333-267793), which has been filed with the Securities and Exchange
Commission (“SEC”) and became effective on October 14, 2022. The
Offering is being made only by means of a preliminary prospectus
supplement and the accompanying base prospectus. You may get these
documents for free, by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, copies of the preliminary prospectus
supplement and the accompanying base prospectus, as well as copies
of the final prospectus supplement once available, may be obtained
by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, by mail at 1155 Long Island Avenue, Edgewood, New York
11717, by telephone: (866) 803-9204, or by email at
prospectus-eq_fi@jpmchase.com or Morgan Stanley & Co. LLC,
Attn: Prospectus Department, 180 Varick Street 2nd Floor, New York,
New York 10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 CCC INTELLIGENT SOLUTIONS
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading
SaaS platform for the multi-trillion-dollar P&C insurance
economy powering operations for insurers, repairers, automakers,
part suppliers, lenders, and more. CCC cloud technology connects
more than 35,000 businesses digitizing mission-critical workflows,
commerce, and customer experiences. A trusted leader in AI, IoT,
customer experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding the Offering,
including the expected closing of the Offering and Concurrent
Repurchase. Such differences may be material. We cannot assure you
that the forward-looking statements in this press release will
prove to be accurate. These forward-looking statements are subject
to a number of risks and uncertainties, including, among others,
closing of the Offering and Concurrent Repurchase on the
anticipated terms or at all; market conditions; and the
satisfaction of customary closing conditions related to the
Offering; and other risks and uncertainties, including those
included under the header “Risk Factors” in our Form 10-K filed
with the SEC on March 2, 2023, which can be obtained, without
charge, at the SEC’s website (www.sec.gov). The forward-looking
statements in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and
developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we have no current intention of doing so except to the
extent required by applicable law. You should, therefore, not rely
on these forward-looking statements as representing our views as of
any date subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231108407817/en/
INVESTOR Bill Warmington VP, Investor Relations, CCC
Intelligent Solutions Inc. IR@cccis.com 312-229-2355
MEDIA Michelle Hellyar Senior Director, Public Relations,
CCC Intelligent Solutions Inc. mhellyar@cccis.com 773-791-3675
CCC Intelligent Solutions (NASDAQ:CCCS)
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