Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a
range of ethically produced pasture-raised foods nationwide, today
announced the commencement of an underwritten public offering of
5,000,000 shares of common stock offered by certain selling
stockholders of Vital Farms (the “Selling Stockholders”). In
addition, the Selling Stockholders expect to grant the underwriters
a 30-day option to purchase up to an additional 750,000 shares of
common stock at the public offering price, less underwriting
discounts and commissions. Vital Farms will not receive any
proceeds from the sale of common stock offered by the Selling
Stockholders. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed.
Goldman Sachs & Co. LLC, Morgan Stanley, Credit Suisse
Securities (USA) LLC and Jefferies are acting as joint lead
bookrunning managers for the proposed offering.
The proposed offering will be made only by means of a
prospectus. A copy of the preliminary prospectus relating to the
proposed offering, when available, may be obtained from: Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, New York 10282, by telephone at 1-866-471-2526 or
by email at prospectus-ny@ny.email.gs.com;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, Second Floor, New York, New York 10014 or by
email at prospectus@morganstanley.com; Credit
Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933
Louis Stephens Drive, Morrisville, North Carolina 27560, by
telephone at (800) 221-1037 or by email
at usa.prospectus@credit-suisse.com; or
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone
at 877-821-7388or by email
at Prospectus_Department@Jefferies.com.
A registration statement on Form S-1 relating to the proposed
sale of these securities has been filed with the Securities and
Exchange Commission (the “SEC”) but has not yet become effective.
These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy these securities, 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 Vital Farms
Vital Farms, a Certified B Corporation, offers a
range of ethically produced pasture-raised foods nationwide.
Started on a single farm in Austin, Texas, in 2007, Vital Farms is
the leading U.S. brand of pasture-raised eggs and butter by retail
dollar sales. Vital Farms' ethics are exemplified by its focus on
the humane treatment of farm animals and sustainable farming
practices. In addition, as a Delaware Public Benefit Corporation,
Vital Farms also prioritizes the long-term benefits of each of its
stakeholders, including farmers and suppliers, customers and
consumers, communities and the environment, and crew members and
stockholders. Vital Farms' pasture-raised products, including shell
eggs, butter, hard-boiled eggs, ghee, egg bites and liquid whole
eggs, are sold in more than 16,000 stores nationwide.
Forward Looking Statements
This press release contains “forward-looking”
statements, as that term is defined under the federal securities
laws. These forward-looking statements are based on Vital Farms’
current assumptions, expectations and beliefs and are subject to
substantial risks, uncertainties, assumptions and changes in
circumstances that may cause Vital Farms’ actual results,
performance or achievements to differ materially from those
expressed or implied in any forward-looking statement.
The risks and uncertainties referred to above
include, but are not limited to: (1) the effects of the current
COVID-19 pandemic, or of other global outbreaks of pandemics or
contagious diseases or fear of such outbreaks, including on our
supply chain, the demand for our products, and on overall economic
conditions and consumer confidence and spending levels; (2) our
expectations regarding our revenue, expenses and other operating
results; (3) our ability to acquire new customers and successfully
retain existing customers; (4) our ability to attract and retain
our suppliers, distributors and co-manufacturers; (5) our ability
to sustain or increase our profitability; (6) our ability to
procure sufficient high quality eggs, butter and other raw
materials; (7) real or perceived quality with our products or other
issues that adversely affect our brand and reputation; (8) changes
in the tastes and preferences of our consumers; (9) the financial
condition of, and our relationships with, our suppliers,
co-manufacturers, distributors, retailers and foodservice
customers, as well as the health of the foodservice industry
generally; (10) real or perceived quality or health issues with our
products or other issues that adversely affect our brand and
reputation; (11) the ability of our suppliers and co-manufacturers
to comply with food safety, environmental or other laws or
regulations; (12) future investments in our business, our
anticipated capital expenditures and our estimates regarding our
capital requirements; (13) the costs and success of our marketing
efforts, and our ability to promote our brand; (14) our reliance on
key personnel and our ability to identify, recruit and retain
skilled personnel; (15) our ability to effectively manage our
growth; (16) our focus on a specific public benefit purpose and
producing a positive effect for society may negatively influence
our financial performance; (17) our ability to compete effectively
with existing competitors and new market entrants; (18) the impact
of adverse economic conditions; (19) the sufficiency of our cash to
meet our liquidity needs and service our indebtedness; (20)
seasonality; and (21) the growth rates of the markets in which we
compete.
These risks and uncertainties are more fully
described in our filings with the SEC, including in the sections
entitled “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our quarterly
report on Form 10-Q for the fiscal quarter ended September 27, 2020
and our registration statement on Form S-1 relating to this
offering, and in other filings and reports that we may file from
time to time with the SEC. Moreover, we operate in a very
competitive and rapidly changing environment. New risks emerge from
time to time. It is not possible for our management to predict all
risks, nor can we assess the impact of all factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements we may make. In light of these
risks, uncertainties and assumptions, we cannot guarantee future
results, levels of activity, performance, achievements, or events
and circumstances reflected in the forward-looking statements will
occur. Forward-looking statements represent our beliefs and
assumptions only as of the date of this press release. We disclaim
any obligation to update forward-looking statements except as
required by law.
CONTACT:Media:Nisha
DevarajanNisha.Devarajan@vitalfarms.com
Investors: Ashley
DeSimoneAshley.DeSimone@icrinc.com
Vital Farms (NASDAQ:VITL)
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